{"id":8429,"date":"2015-11-02T15:54:54","date_gmt":"2015-11-02T20:54:54","guid":{"rendered":"https:\/\/www.datamyne.com\/?p=8429"},"modified":"2022-05-03T12:38:13","modified_gmt":"2022-05-03T16:38:13","slug":"us-drops-hint-to-uk-better-not-brexit","status":"publish","type":"post","link":"https:\/\/www.datamyne.com\/knowledge-center\/markets\/us-drops-hint-to-uk-better-not-brexit\/","title":{"rendered":"US Drops Hint to UK: Better Not Brexit"},"content":{"rendered":"<p>The UK should expect the US to impose the same tariffs as now apply to China, Brazil and India, should it opt out of the European Union, Michael Froman, the US Trade Representative, <a href=\"https:\/\/www.reuters.com\/article\/2015\/10\/28\/us-britain-eu-usa-idUSKCN0SM2LS20151028\">told Reuters<\/a> October 28.<\/p>\n<p>British voters will decide before the end of 2017 whether to remain in the EU. Proponents of the British exit \u2013 or Brexit \u2013 argue that the UK would fare better under separate free trade agreements (FTAs) with its trading partners.<\/p>\n<p>But the US is \u201cnot in the market\u201d for FTAs with individual nations, according to Froman.<\/p>\n<p>\u201cWe\u2019re building platforms &#8230; that other countries can join over time,\u201d Froman is quoted.<\/p>\n<p>\u201cI think it\u2019s absolutely clear that Britain has a greater voice at the trade table being part of the EU, being part of a larger economic entity.\u201d<\/p>\n<p>How heavily should this warning weigh on British voters? Here\u2019s what the trade data shows about the trade relationship that would be jeopardized.<\/p>\n<p>As Reuters points out, the US is Britain\u2019s biggest export market after the EU, buying more than $54 billion in goods from the UK in 2014.<\/p>\n<p>As our data shows, the US and the UK rank among the top 10 nations in trade. The US is the top market for UK exports and ranks third among sources for its imports, behind fellow-EU member Germany and China.<\/p>\n<p><a href=\"https:\/\/www.datamyne.com\/wp-content\/blogs.dir\/1\/files\/2015\/11\/Top-Nations-in-Trade-2014.jpg\" rel=\"attachment wp-att-8430\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-8430\" src=\"https:\/\/www.datamyne.com\/wp-content\/blogs.dir\/1\/files\/2015\/11\/Top-Nations-in-Trade-2014.jpg\" alt=\"Top Nations in Trade 2014\" width=\"540\" height=\"298\" srcset=\"https:\/\/www.datamyne.com\/wp-content\/blogs.dir\/1\/files\/2015\/11\/Top-Nations-in-Trade-2014.jpg 640w, https:\/\/www.datamyne.com\/wp-content\/blogs.dir\/1\/files\/2015\/11\/Top-Nations-in-Trade-2014-300x165.jpg 300w\" sizes=\"(max-width: 540px) 100vw, 540px\" \/><\/a><\/p>\n<p><a href=\"https:\/\/www.datamyne.com\/wp-content\/blogs.dir\/1\/files\/2015\/11\/Global-data-UK-Markets-2014.jpg\" rel=\"attachment wp-att-8431\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-8431\" src=\"https:\/\/www.datamyne.com\/wp-content\/blogs.dir\/1\/files\/2015\/11\/Global-data-UK-Markets-2014.jpg\" alt=\"Global data UK Markets 2014\" width=\"640\" height=\"314\" srcset=\"https:\/\/www.datamyne.com\/wp-content\/blogs.dir\/1\/files\/2015\/11\/Global-data-UK-Markets-2014.jpg 640w, https:\/\/www.datamyne.com\/wp-content\/blogs.dir\/1\/files\/2015\/11\/Global-data-UK-Markets-2014-300x147.jpg 300w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/><\/a><\/p>\n<p><a href=\"https:\/\/www.datamyne.com\/wp-content\/blogs.dir\/1\/files\/2015\/11\/Global-data-UK-COOs-2014.jpg\" rel=\"attachment wp-att-8432\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-8432\" src=\"https:\/\/www.datamyne.com\/wp-content\/blogs.dir\/1\/files\/2015\/11\/Global-data-UK-COOs-2014.jpg\" alt=\"Global data UK COOs 2014\" width=\"640\" height=\"314\" srcset=\"https:\/\/www.datamyne.com\/wp-content\/blogs.dir\/1\/files\/2015\/11\/Global-data-UK-COOs-2014.jpg 640w, https:\/\/www.datamyne.com\/wp-content\/blogs.dir\/1\/files\/2015\/11\/Global-data-UK-COOs-2014-300x147.jpg 300w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/><\/a><\/p>\n<p>The UK has been the fifth most valuable market for US exports, and the sixth to seventh (switching places with South Korea) leading source of US imports, over the last five years.<\/p>\n<p><a href=\"https:\/\/www.datamyne.com\/wp-content\/blogs.dir\/1\/files\/2015\/11\/Top-Markets-for-US-Exports-2009-14.jpg\" rel=\"attachment wp-att-8433\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-8433\" src=\"https:\/\/www.datamyne.com\/wp-content\/blogs.dir\/1\/files\/2015\/11\/Top-Markets-for-US-Exports-2009-14.jpg\" alt=\"Top Markets for US Exports 2009-14\" width=\"540\" height=\"510\" srcset=\"https:\/\/www.datamyne.com\/wp-content\/blogs.dir\/1\/files\/2015\/11\/Top-Markets-for-US-Exports-2009-14.jpg 640w, https:\/\/www.datamyne.com\/wp-content\/blogs.dir\/1\/files\/2015\/11\/Top-Markets-for-US-Exports-2009-14-300x284.jpg 300w\" sizes=\"(max-width: 540px) 100vw, 540px\" \/><\/a><\/p>\n<p><a href=\"https:\/\/www.datamyne.com\/wp-content\/blogs.dir\/1\/files\/2015\/11\/Top-Sources-for-US-Imports-2009-14.jpg\" rel=\"attachment wp-att-8434\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-8434\" src=\"https:\/\/www.datamyne.com\/wp-content\/blogs.dir\/1\/files\/2015\/11\/Top-Sources-for-US-Imports-2009-14.jpg\" alt=\"Top Sources for US Imports 2009-14\" width=\"540\" height=\"510\" srcset=\"https:\/\/www.datamyne.com\/wp-content\/blogs.dir\/1\/files\/2015\/11\/Top-Sources-for-US-Imports-2009-14.jpg 640w, https:\/\/www.datamyne.com\/wp-content\/blogs.dir\/1\/files\/2015\/11\/Top-Sources-for-US-Imports-2009-14-300x284.jpg 300w\" sizes=\"(max-width: 540px) 100vw, 540px\" \/><\/a><\/p>\n<p>Here\u2019s the current data on the top products in trade between the two countries:<\/p>\n<p><a href=\"https:\/\/www.datamyne.com\/wp-content\/blogs.dir\/1\/files\/2015\/11\/US-Exports-top-6-digit-HS-to-UK-Jan-Aug2015.jpg\" rel=\"attachment wp-att-8435\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-8435\" src=\"https:\/\/www.datamyne.com\/wp-content\/blogs.dir\/1\/files\/2015\/11\/US-Exports-top-6-digit-HS-to-UK-Jan-Aug2015.jpg\" alt=\"US Exports top 6-digit HS to UK Jan-Aug2015\" width=\"540\" height=\"536\" srcset=\"https:\/\/www.datamyne.com\/wp-content\/blogs.dir\/1\/files\/2015\/11\/US-Exports-top-6-digit-HS-to-UK-Jan-Aug2015.jpg 640w, https:\/\/www.datamyne.com\/wp-content\/blogs.dir\/1\/files\/2015\/11\/US-Exports-top-6-digit-HS-to-UK-Jan-Aug2015-80x80.jpg 80w, https:\/\/www.datamyne.com\/wp-content\/blogs.dir\/1\/files\/2015\/11\/US-Exports-top-6-digit-HS-to-UK-Jan-Aug2015-300x298.jpg 300w, https:\/\/www.datamyne.com\/wp-content\/blogs.dir\/1\/files\/2015\/11\/US-Exports-top-6-digit-HS-to-UK-Jan-Aug2015-150x150.jpg 150w\" sizes=\"(max-width: 540px) 100vw, 540px\" \/><\/a><\/p>\n<p><a href=\"https:\/\/www.datamyne.com\/wp-content\/blogs.dir\/1\/files\/2015\/11\/US-Imports-top-6-digit-HS-from-UK-Jan-Aug2015.jpg\" rel=\"attachment wp-att-8436\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-8436\" src=\"https:\/\/www.datamyne.com\/wp-content\/blogs.dir\/1\/files\/2015\/11\/US-Imports-top-6-digit-HS-from-UK-Jan-Aug2015.jpg\" alt=\"US Imports top 6-digit HS from UK Jan-Aug2015\" width=\"540\" height=\"581\" srcset=\"https:\/\/www.datamyne.com\/wp-content\/blogs.dir\/1\/files\/2015\/11\/US-Imports-top-6-digit-HS-from-UK-Jan-Aug2015.jpg 640w, https:\/\/www.datamyne.com\/wp-content\/blogs.dir\/1\/files\/2015\/11\/US-Imports-top-6-digit-HS-from-UK-Jan-Aug2015-279x300.jpg 279w\" sizes=\"(max-width: 540px) 100vw, 540px\" \/><\/a><\/p>\n<p>The Reuters story points out that the US is the UK\u2019s second-biggest market for cars &#8230; behind the EU. (Our data on individual countries\u2019 trade shows the US ranked first by value, accounting for 17% of exports in this product category in first-quarter 2015.) \u00a0The imposition of a 2.5% tariff by the US on British cars might well result in fewer Americans buying Land Rovers.<\/p>\n<p>Whether this is enough to deter British voters from choosing to leave the EU remains to be seen.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The UK should expect the US to impose the same tariffs as now apply to China, Brazil and India, should it opt out of the European Union, Michael Froman, the US Trade Representative, told Reuters October 28. British voters will decide before the end of 2017 whether to remain in the EU. Proponents of the [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","inline_featured_image":false,"footnotes":""},"categories":[6,9],"tags":[2150,541,1486,1629,1681],"class_list":["post-8429","post","type-post","status-publish","format-standard","hentry","category-markets","category-trade-policy","tag-brexit","tag-eu","tag-tariffs","tag-uk","tag-us-trade-representative"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>US Drops Hint to UK: Better Not Brexit<\/title>\n<meta name=\"description\" content=\"US Trade Rep says US will impose the tariffs it applies to China, Brazil, India on the UK should it Brexit -- exit the EU. 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