After months of insults, thousands of Tweets, an FBI investigation, pneumonia, millions of dollars spent and even a former Miss Universe getting involved, the race for the White House is very nearly over. And with polls ever-narrowing, we thought it wise to consider how next week’s result might impact on you and your business. What will Trump’s economic policy look like for international trade? How will Clinton’s outlook impact on your cross-border ambitions?
This summary from Business Insider is just one insight our Commercial Director Andrew Hill examines in his latest LinkedIn Pulse post.
Andrew also examines the importance of trade in the US election debate and how the result could impact on trading with the UK.
If the new US president will be worried about imports, those coming from the UK-including eCommerce items- are probably not going to be top of their list. According to the OEC, products from the UK only account for 2.3% of US imports overall, compared with China at 20% and Mexico at 13%. We are well down the list.
However, the US is the UK’s biggest export destination at 11% - followed by Germany at 9.8%. So it is more in our interest to increase exports with the US than it is for the US to stop imports from the UK. This should also tell everyone something about making the most of international cross border opportunities for the time-being- especially in light of the uncertainty with trading in the EU in the build up to Brexit.
Read the full article here.