Written question asked by Lord Taylor of Warwick (Non-affiliated) on Wednesday, 12 December 2018, in the House of Lords. It was due for an answer on Friday, 28 December 2018. It was answered by Baroness Fairhead (Conservative) on Wednesday, 19 December 2018 on behalf of the Department for International Trade.

Overseas Trade: USA

Question: To ask Her Majesty's Government what assessment they have made of (1) reports that the United States’ economy may be heading into a recession, and (2) the impact this could have on UK–US trade.

Answer

HMG is continually monitoring developments in the US economy, which have a substantial influence on the global economy and directly impact on UK-US trade.

In line with the IMF’s forecast, the Office for Budget Responsibility expects US GDP growth of 2.9 and 2.5 per cent in 2018 and 2019 respectively.

The US is the UK’s largest trading partner and the UK’s top export destination. Our trading relationship is worth over £180bn a year including almost £112 billion in UK exports of goods and services to the US in 2018.

Secondary information

Type: Written question
Reference: HL12263
Session: 2017-19
Subjects: Overseas trade USA Economic recession
Contains statistics: Yes
Link: View this Written question on www.parliament.uk

Overseas Trade: USA

Secondary information

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