Implementing the General Terms of The United States of America-United Kingdom Economic Prosperity Deal
Summary
This document outlines Executive Orders issued by the President to implement the General Terms of the United States of America-United Kingdom Economic Prosperity Deal. The deal aims to provide American companies with greater access to British markets while strengthening U.S. national security and the economy. It addresses tariffs and quotas on various goods, including automobiles, aerospace products, aluminum, and steel.
Expected Effects
The executive orders will lead to changes in tariffs and quotas on specific goods traded between the U.S. and the UK. American exports, particularly in agriculture, are expected to increase. The deal also aims to address supply chain security and non-tariff barriers.
Potential Benefits
- Increased market access for American agricultural exports like beef and ethanol.
- Potential reduction or elimination of non-tariff barriers that discriminate against American products.
- Establishment of a tariff-rate quota for UK automotive imports, potentially benefiting consumers.
- Strengthened aerospace and aircraft manufacturing supply chains through tariff-free bilateral trade.
- Improved national security through cooperation on supply chain security for steel and aluminum.
Potential Disadvantages
- Potential negative impact on domestic industries that compete with UK imports, such as automobile manufacturing.
- Possible job losses in sectors affected by increased competition from UK products.
- The deal's benefits are contingent on the UK meeting certain requirements, which introduces uncertainty.
- The establishment of quotas could lead to increased prices for certain goods if demand exceeds the quota.
- The focus on specific sectors might neglect other areas of the economy.
Constitutional Alignment
The President invokes authority under the Constitution and laws, including the International Emergency Economic Powers Act and the Trade Expansion Act of 1962. These acts delegate powers to the President to address economic emergencies and regulate trade in the interest of national security. The Constitution grants Congress the power to regulate commerce with foreign nations (Article I, Section 8), but Congress can delegate some of this power to the executive branch.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).