ÐßÐßÊÓƵ (ÐßÐßÊÓƵ) has today published its one-year review of the UK-US Economic Prosperity Deal (EPD), concluding that while the agreement has delivered progress in areas such as pharmaceuticals and aerospace, delivery across the wider agenda has been uneven and uncertainty continues to weigh on businesses.

Signed on May 8 2025 by President Trump and Prime Minister Starmer, the EPD was intended to strengthen the transatlantic economic relationship following the introduction of US ‘Liberation Day’ tariffs. The review highlights progress in pharmaceuticals, including the UK-US agreement securing tariff-free access for UK pharma exports, alongside the removal of aerospace and whisky tariffs, the implementation of the auto tariff quota, and improved market access for UK beef exporters.

However, ÐßÐßÊÓƵ warns that large parts of the deal remain unresolved, particularly around steel and aluminium, digital trade, mutual recognition agreements and other wider non-tariff barriers. The report also emphasises that repeated shifts in US trade policy, including the recent court ruling striking down tariffs imposed under emergency powers, followed by new tariff measures under Section 122 and expanded Section 232 investigations, are creating ongoing uncertainty for businesses on both sides of the Atlantic.

The review follows a year of intense UK-US engagement, including two state visits and a series of announcements on trade, investment and economic cooperation. ÐßÐßÊÓƵ says these moments have reinforced the importance of the transatlantic relationship, but suggests that beyond the headlines, there needs to be more consistent delivery for business if the EPD is to fulfil its wider ambitions.

ÐßÐßÊÓƵ CEOÌýDuncan EdwardsÌýsaid:

“Over the past year, we’ve seen real momentum in the UK-US relationship, with major progress in areas like pharmaceuticals, aerospace and investment pledges. The two state visits have also reinforced how important this partnership remains on both sides of the Atlantic.

“But while there have been genuine successes, delivery across the wider Economic Prosperity Deal has been uneven. In too many areas, businesses are still waiting for clarity on tariffs, regulation and implementation.

“The recent court ruling on tariffs was welcomed by business, but the shift toward alternative tariff tools and continued Section 232 investigations means uncertainty remains a real concern. Businesses want predictability and that is still missing in several important areas.�

As the leading transatlantic business organisation, ÐßÐßÊÓƵ will continue to monitor and evaluate every commitment in the EPD. ÐßÐßÊÓƵ urges both governments to ensure progress remains on track and helps deliver tangible benefits for transatlantic businesses.

On Thursday 14th March 2024 a select group of businesses, led by AmexGBT and ÐßÐßÊÓƵ met
with Anthony Browne, Minister for Aviation, and Claire Swadkin Deputy Director in the Low Carbon Fuels Team at
the Department for Transport, and team, to discuss how vital business travel is in reaching Jet Zero and how industry is working to achieve greater supply and demand of Sustainable Aviation Fuel (SAF). The objective was
to understand industry perspectives of how Government can support access to SAF.

You can read the summary notes from the meeting here.

ÐßÐßÊÓƵ has submitted a letter to the US Internal Revenue Service (IRS) seeking clarification on regulations covering the US subsidiaries of foreign parent companies as it applies to the Stock Buyback Excise Tax provision contained in the Inflation Reduction Act (IRA).

To read our submission, click here.

• 4th edition of the index for 2024 from ÐßÐßÊÓƵ and Bain & Company emphasises renewed strength of transatlantic trade, business and economic relationships
• US companies’ confidence in the UK business environment stabilised in 2024, after two consecutive years of steep falls, while UK confidence in the US remains high and stable
• Companies highlight future policy stability, tax competitiveness, and a strengthening of UK-US trade among top priorities for the future

ÐßÐßÊÓƵ, in partnership with the US Chamber of Commerce, has responded to a public consultation on draft guidance by the UK Competition & Markets Authority (CMA). This guidance describes how the Digital Markets, Competition and Consumers Act will be operationalized in the UK.

To read our submission, click here.

Leading transatlantic trade and business organisation, ÐßÐßÊÓƵ (ÐßÐßÊÓƵ) has warned in a new report that the Atlantic Declaration is at risk of becoming a missed opportunity and is urging the UK and US governments to fulfil their commitment to this agreement.

The Declaration, signed one year ago by UK Prime Minister Sunak and US President Biden, aimed to establish a robust framework for a twenty-first century US-UK economic partnership, setting out 16 commitments in areas such as economic security, defence, technology, and clean energy.

ÐßÐßÊÓƵ’s new RAG (Red, Amber, Green) report, released to mark the one-year milestone, analyses the progress made to-date and shows mixed results.

The report highlights that in the twelve months since the Atlantic Declaration was signed, only half of the commitments have been achieved. Overall, eight of the commitments have been assigned a green rating, six are rated amber and two have been flagged as red.

The ratings reveal strong progress in aerospace and defence as well as positive collaboration in AI, data regulation and future facing technologies. ÐßÐßÊÓƵ is also pleased that the first action plan meeting took place in Washington DC last month as well as the inaugural Strategic Technologies Investor Council meeting, suggesting both governments are keen to maintain momentum.

However, concerns remain around the other items in the Declaration, where progress has been minimal or non-existent, including the Critical Minerals Agreement and convening the government-to-government meeting of the Comprehensive Dialogue on Tech & Data.

In its report, ÐßÐßÊÓƵ encourages both governments to continue implementing the commitments and calls on the US and the UK governments to prioritise those that could have the biggest impact, as well as the greatest chance of success. This includes continuing to develop a workplan on critical and emerging technologies, as well as making more visible progress with the Joint Action Group on Energy Security and Affordability.

ÐßÐßÊÓƵ CEO Duncan Edwards said:

“The commitments set out in the Atlantic Declaration have the potential to be transformative for the US/UK trade and economic relationship, but the lack of substantial progress on several of the commitments one year on is disappointing. The benefits of this Agreement will only be realised if both governments prioritise this work and commit to its implementation.

“As elections loom in both countries, it is crucial that the current and next administrations see the Atlantic Declaration as an opportunity too valuable to overlook. That is why ÐßÐßÊÓƵ has been urging government officials to focus on the high impact commitments and engage with business and stakeholders to help achieve what was set out in this important declaration signed a year ago.

“By providing this evaluation, ÐßÐßÊÓƵ hopes to play a leading role in supporting the efforts of both governments, as well as promoting accountability of the process.â€�

Today in London, ÐßÐßÊÓƵ, in partnership with the American Chamber of Commerce in Australia, is convening senior UK, US and Australian delegates from the defence, technology and security sectors to discuss how best to drive forward some of AUKUS’ top priorities.

The AUKUS defence and security trilateral partnership goes far beyond the nuclear submarines that Australia will receive at the end of this decade. The agreement’s ‘Pillar 2’ focusses on the joint development and sharing of advanced technologies that will enhance the defence capacity and capability of all three countries. It is this important second pillar that is being discussed today.

Pillar 2’s workstreams include AI, quantum, cyber security, uncrewed systems and electronic warfare capabilities.Ìý

Today’s talks will explore how to integrate new and emergingÌýcommercial technologies and relax export controls, identify partnership opportunities, increase interoperability, look at current barriers for SMEs and propose recommendations to policy makers. Learning each other’s capabilities and finding ways toÌýstrengthen the alliance will be at the forefront of the day’s objectives.

ÐßÐßÊÓƵ CEO Duncan Edwards said:

“Today’s meeting underscores the critical need for collaboration in the face of evolving security challenges. Harnessing innovation and expertise between our three countries will bolster our collective defence and security capability at a time of intensifying geopolitical risk.

“The AUKUS partnership has the potential to significantly enhance all three countries’ joint warfare capabilities and it starts with strong co-operation between the private and public sectors.�