Source · Select Committees · Business and Trade Committee
Recommendation 3
3
Accepted
UK exporters face worse US trade terms; GT-EPD economic impact remains uncertain.
Conclusion
We welcome the Government’s work to date in securing swift tariff relief for key sectors under the GT-EPD and acknowledge the progress made in challenging circumstances. However, we must acknowledge that UK exporters are now trading with our most significant single trading partner on terms which are worse than before President Trump came to office. Because ministers have not published an economic impact analysis—or a framework for assessing potential impacts—we cannot yet estimate the economic loss or gains from the GT-EPD. While implementation of some aspects of the agreement has commenced, many of the UK’s critical industries remain in a state of uncertainty about the future tariffs regimes they may face. It is also now clear that the UK has secured less favourable terms for some sectors than our much larger neighbours in the EU. Finally, 52 the future timetable for implementing measures that might be agreed in the GT-EPD is unclear. Together, these risks are increasing uncertainty for business. Uncertainty risks hurting, not helping, the appetite of business and investors to invest. (Conclusion, Paragraph 48)
Government response summary AI-generated
The government acknowledges the Economic Prosperity Deal (EPD) and highlights achievements such as the Technology Prosperity Deal and preferential tariff rates for steel, aluminium, lumber, and cars. It states it is continuing talks on a wider UK-US Economic Deal and working to expand the EPD and reduce tariffs further.
Government Response
The government responded to this report on 28 November 2025. No passage in that response could be matched to this conclusion. Read the response document ↗