These are some of the future prospects of the UK trade and investments goals with respect to the US trade policy (Alexander Chris):
– Expanding global opportunities for trade and investments into UK’s open economy
– To create room for consumers freedom to choose wider for lower prices
– Catering to developed and less developed economies with resources and employment
– To grow substantially in trade liberalization with increased control and accountability
– To ensure the EU compliance with environmental protections by trade partners.
– At the end of quarter 3 in 2010, the current account deficit of UK shows 9.6 billion euro which means that less exports are being made as compared to imports. UK stands the top exporter to the US with the amount of 33,531 million euro and the second largest importer from the US of 28,451 million euro. This is how the US contributes in UK’s current account deficit (Data Blog).
On the other hand the US current account deficit or the balance of payments deficit was $109 billion in the first quarter of 2010 which equals to 3.00% of the GDP (Bureau of Economic analysis). Consider the above figures for the contribution of imports and exports to the UK in dollars. From the overall implication of the US and UK trade deficits, the interdependence of these economies in terms of imports/exports is extremely vibrant. This is because both countries rely heavily on each other through imports/exports empowered by a flexible US trade policy and by UK’s open trade liberalization agenda.
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