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The United States and the United Kingdom announced the formal launch of trade negotiations in a joint statement on Tuesday and noted that they will carry them out at an accelerated pace, per Reuters.

According to the statement, a free trade deal is a priority for both countries and they are committed to reaching an “ambitious agreement that significantly boosts trade and investment.”

Market reaction

This announcement was largely ignored by the market participants. As of writing, the Dow Jones Industrial Average and the S&P 500 indexes were both up 1.6% on a daily basis.