Travis Street
Key Points:
- The US and UK announced the Atlantic Declaration, a partnership focused on pledges covering artificial intelligence, critical minerals, clean energy, and security concerns rather than a traditional trade deal. This agreement could mitigate the impact of Biden’s Inflation Reduction Act on British firms.
- The Declaration includes commitments to draft a Joint Clean Energy Supply Chain Action Plan by the end of 2023 and to work towards a deal allowing critical minerals for electric vehicles mined in the UK to be eligible for tax credits under the new US legislation.
- The two nations agreed to collaborate on “critical and emerging technologies”, with a roadmap potentially covering artificial intelligence, 5G and 6G telecoms, quantum computing, semiconductors, and engineering biology within a year.
Summary:
The US and UK have announced the Atlantic Declaration, an agreement that aims to soften the impact of the US’s Inflation Reduction Act on UK firms. The agreement, described as a “new economic partnership for a new age” by UK Chancellor Rishi Sunak, includes several pledges covering artificial intelligence, critical minerals, clean energy, and security. Notably, the declaration includes a commitment for both nations to work towards an agreement that would make critical minerals for electric vehicles mined in the UK eligible for tax credits under the new US legislation. The two nations also pledged to draft a Joint Clean Energy Supply Chain Action Plan by the end of 2023. Furthermore, both countries have agreed to collaborate on “critical and emerging technologies,” promising to draft a roadmap that could include AI, 5G and 6G telecoms, quantum computing, semiconductors, and engineering biology within a year.
