Joe Biden and Rishi Sunak at one of their previous meetings at the San Diego Naval Base in March. Credit: Leon Neal/PA Wire Rishi Sunak will ask Joe Biden to open the US to British business during his first visit to the White House this week, calling for a new transatlantic economic union to compete with China.
The prime minister will say the two countries need to strengthen their trade ties to make them as strong as the close military ties they have enjoyed for decades.
Ahead of the trip, Mr. Sunak said the two countries need to work more closely to contain threats from Russia and China, accusing them of manipulating global markets and holding on to critical resources.
He will urge Washington and London to work much closer to counter threats posed by artificial intelligence (AI) and increase mutual investment in green energy.
As part of a demonstration of economic cooperation, the US President is expected to offer trade concessions to help the UK auto industry, which is under threat from US environmental subsidies for domestic manufacturers.
This follows the scandals surrounding the US Decrease Act inflation, which was criticized by the UK government. as a “protectionist.”
The Prime Minister said: “The UK and the US have always worked together to protect our people and support our way of life. As the challenges and threats we face change, we need to forge an alliance that will also protect our economy.
“Just as the interoperability of our military forces has given us an advantage on the battlefield, greater economic interoperability will give us a critical advantage in the coming decades.
“By combining our vast economic resources and experience, we will develop our economy, create jobs, and keep our people safe in the future.»
Sunak will arrive in Washington on Wednesday for his fourth meeting with Biden in the past few months.
However, he will not throw the ceremonial first pitch when he attends a special baseball game, despite the honor usually accorded to VIPs such as like US presidents and celebrities.
On Wednesday, he will tell US lawmakers and business leaders that economic and defense cooperation should be two pillars of the British-American alliance.
Mr Sunak will also announce a major new investment of £14bn. US companies that will create thousands of jobs in the UK and strengthen investment relationships are now valued at over £1 trillion.
He will point to the role that the UK-US defense partnership has played in protecting the public for decades . , and say that broad cooperation on economic issues will allow doing the same in the next century.
He will say that in recent months and years the world has witnessed a growing number of examples of hostile states using economic coercion to their advantage, from Vladimir Putin driving up European energy prices to China's widespread use of sanctions to punish individuals and governments, who speak out against human rights violations.
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A spokesman for the Prime Minister said: «Just as we have worked together for generations to protect our traditional security, the UK and US must focus our efforts and expertise on our economic security, elevating our economic union to the same status as ours.» defense cooperation. operation.
«This includes everything from protecting our supply chains and protecting our economy from manipulation by hostile nations, to increasing our mutual investment in green technologies, to managing the development and use of AI.»< /p>
He said talk of economic unification was not about protectionism, adding: «Just as interoperability between our military forces gives us a battlefield advantage over our adversaries, greater economic interoperability will give us a decisive economic advantage.»
“This is not about protectionism or erecting barriers. It's about dominating democratic values and maintaining an open international economic system that promotes growth and helps all countries protect themselves from shocks.”News will also be announced on Wednesday that US firms have committed to more £14 billion of new investment in the UK.
This includes a £583 million investment in projects including World Fuel Services and the Meld green hydrogen plant in Hull, a new Mars plant at London's Gateway Freeport, an expansion of the BNY Mellon and Vanguard offices in Manchester and the new HCA healthcare facility. in Birmingham.
These new investments will create nearly 2,500 jobs.
BlackRock plans to invest another 9 billion pounds sterling to the UK. Photo: Reuters/Carlo Allegri/File Photo
Additional investments by US companies in the UK include £9 billion from BlackRock, bringing the management company's total investment in the UK to £500. billion: £2.4bn invested by Blackstone, £2bn invested by KKR and £521m invested by CD&R.
The US is expected to offer trade concessions to help the UK auto industry.
This is expected to take the form of a new Critical Minerals Agreement that will allow UK companies exporting electric vehicles to the US to take advantage of some of the tax breaks available to US manufacturers under the Inflation Reduction Act. .
This year, the US signed a similar agreement with Japan, and White House officials have previously expressed willingness to extend it to the UK.
Rachel Reeves, Shadow Chancellor, said during a visit to Washington last month, Mr. Sunak's government made itself less important by criticizing Mr. Biden's aforementioned law as «protectionist.»
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