Britain’s trade relationship with the US explained in seven charts

With the UK set to be hit by President Trump’s tariffs on Wednesday, what does our trading relationship with the US look like?

So far the UK has escaped the worst of Trump’s escalating trade wars — in part, some think, because the UK and US disagree over who has a trade surplus.

Britain had a surplus in its goods trade with the US of about £2.2 billion, according to the Office for National Statistics. However, Washington’s statistics agency found that the US had a $11.9 billion (£9 billion) surplus in its goods trade with the UK.

In 2023, the US was the UK’s largest single trading partner for services in both directions, and the largest export partner for goods. In total, the UK exported