US and UK launch new economic alliance – 06/08/2023 – Market
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US President Joe Biden and UK Prime Minister Rishi Sunak announced a new economic alliance this Thursday (8) to respond to geopolitical challenges and, above all, China’s ambitions.
An “Atlantic declaration” signed at the White House by the two leaders provides for greater cooperation in the defense industry and in the supply of essential metals for the energy transition.
Like other US allies, the UK is concerned about the fallout from Biden’s Inflation Reduction Act, which includes multi-billion dollar subsidies for the green energy industry, as well as a boost to domestic industry and US-made products. . In this regard, Sunak obtained exceptions for British industrialists.
In terms of defense, the American president promised to open access to the national market for British industries, in order to leverage the development of sophisticated weapons, such as hypersonic missiles.
The agreement between the two countries also covers artificial intelligence, energy security and supply chains.
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