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Removing trade barriers with the United stated could lead to “huge gains,” the British government said in its recently published mandate for trade negotiations with the US.

“The agreement the UK wants will also be geared towards maximising the UK’s reach in emerging fields like global data flows and artificial intelligence,” the publication further read, per Reuters. “Professional services, food processing and car manufacturing are among the sectors that could also benefit.”

Market reaction

These comments were largely ignored by the market participants and the GBP/USD pair was last seen down 0.33% on the day at 1.2780.

Additional takeaways

“The price the NHS pays for drugs will not be on the table.”

“Trade deal represents a strategic opportunity to augment and codify our strong trade, investment and economic relationships.”

“The agreement should support the further development of a close defence industrial partnership between the UK and the US.”

“The agreement should reduce barriers to defence sales.”

“Food product standards should remain the same.”

“The agreement will include a digital trade chapter.”