403
Sorry!!
Error! We're sorry, but the page you were looking for doesn't exist.
US pauses multi-billion-dollar tech deal with UK over trade dispute
(MENAFN) The United States has paused a £31 billion ($41.6 billion) tech agreement with the United Kingdom, known as the Tech Prosperity Deal, amid disputes over trade concessions, media reports said Tuesday.
The deal, initially announced during President Donald Trump’s state visit to the UK in September, was hailed by Prime Minister Keir Starmer as a “generational step change” in UK–US relations. It was intended to promote collaboration in strategic science and technology fields, including artificial intelligence, civil nuclear fusion, and quantum technologies.
Sources told news agencies that the suspension stems from US frustrations over what it views as unresolved UK trade barriers outside the tech partnership. Officials reportedly cited disagreements on digital regulations, food safety rules, and non-tariff barriers affecting industrial and food products.
A UK government spokesperson reaffirmed the country’s commitment to the deal, stating, “Our special relationship with the US remains strong, and the UK is firmly committed to ensuring the Tech Prosperity Deal delivers opportunity for hardworking people in both countries.”
Despite the current impasse, British officials expressed confidence that negotiations could resume. The memorandum of understanding accompanying the deal outlined mutual interests in science and technology standards to foster innovation and strengthen economic and strategic ties between the two nations.
The deal, initially announced during President Donald Trump’s state visit to the UK in September, was hailed by Prime Minister Keir Starmer as a “generational step change” in UK–US relations. It was intended to promote collaboration in strategic science and technology fields, including artificial intelligence, civil nuclear fusion, and quantum technologies.
Sources told news agencies that the suspension stems from US frustrations over what it views as unresolved UK trade barriers outside the tech partnership. Officials reportedly cited disagreements on digital regulations, food safety rules, and non-tariff barriers affecting industrial and food products.
A UK government spokesperson reaffirmed the country’s commitment to the deal, stating, “Our special relationship with the US remains strong, and the UK is firmly committed to ensuring the Tech Prosperity Deal delivers opportunity for hardworking people in both countries.”
Despite the current impasse, British officials expressed confidence that negotiations could resume. The memorandum of understanding accompanying the deal outlined mutual interests in science and technology standards to foster innovation and strengthen economic and strategic ties between the two nations.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Most popular stories
Market Research
More Story
Comments
No comment