A potential return visit by Trump could entail unwanted consequences for Britain's powerbrokers.
During a recent state visit, the UK and the US announced the Tech Prosperity Deal, a landmark agreement expected to bring significant investment to Britain. The visit, which was largely devoid of public participation, saw a series of high-profile events, including a state banquet and a business round table at Chequers.
The deal, aimed at boosting Britain's tech sector, promises thousands of jobs in tech, AI, data centers, and nuclear energy. According to Keir Starmer, the agreement could be the "biggest investment package of its kind in British history." The US tech industry, on the other hand, views the UK's Digital Services Tax, which brings in about £900m a year for the UK Treasury, as an "aberration in the tax code" and has called for its scrapping.
The optimists argue that the UK has an opportunity to turn itself into an agile independent economy if it can get the balance of regulation right. However, this represents a significant gamble. The British government views the state visit as a big win, with one diplomatic source saying, "I think this was a big win for the PM, after a torrid few weeks..."
The prime minister mimicked the president's style during the event, using superlatives to frame the tech deal. Donald Trump's chief of staff, Susie Wiles, expressed satisfaction with the state visit, stating that "the whole thing has been just great." The US Treasury Secretary Scott Bessant was present at the state banquet.
However, the details of the trade-off for this deal are not yet known. The broad ambition of the deal seems to be a continuation of the special relationship between the UK and the US, pushing into the next chapter of the 21st century.
In a political intervention during the banquet, King Charles turned to Trump as he underlined the allies' commitment to defending Ukraine. This geopolitical difference, with the UK planning to recognize a Palestinian state, which is strongly opposed by Trump, seemed to have been overlooked during the visit.
The US Commerce Secretary Howard Lutnick expressed the view that realizing Brexit potential would make it easier to deliver the new tech deal. He also advised against copying Europe and advocated for deregulation in the UK.
The name of the US Treasury Secretary involved in the Tech Prosperity Agreement between the United Kingdom and the USA is not explicitly mentioned in the provided search results. Despite the opposition from some quarters, the business-oriented dinner at the castle morphed into a business round table at the PM's country residence Chequers the following day.
Opponents of the president and those who love him were notably scarce during the state visit. Trump seemed relaxed about this geopolitical difference, suggesting a willingness to overlook disagreements in pursuit of mutual economic benefits. The state visit, while a success for the British side, remains a significant gamble in the broader context of UK-US relations.
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