BritishAmerican Business (BAB) has today published its one-year review of the UK-US Economic Prosperity Deal (EPD), concluding that while the agreement has delivered progress in areas such as pharmaceuticals and aerospace, delivery across the wider agenda has been uneven and uncertainty continues to weigh on businesses.

Signed on May 8 2025 by President Trump and Prime Minister Starmer, the EPD was intended to strengthen the transatlantic economic relationship following the introduction of US ‘Liberation Day’ tariffs. The review highlights progress in pharmaceuticals, including the UK-US agreement securing tariff-free access for UK pharma exports, alongside the removal of aerospace and whisky tariffs, the implementation of the auto tariff quota, and improved market access for UK beef exporters.

However, BAB warns that large parts of the deal remain unresolved, particularly around steel and aluminium, digital trade, mutual recognition agreements and other wider non-tariff barriers. The report also emphasises that repeated shifts in US trade policy, including the recent court ruling striking down tariffs imposed under emergency powers, followed by new tariff measures under Section 122 and expanded Section 232 investigations, are creating ongoing uncertainty for businesses on both sides of the Atlantic.

The review follows a year of intense UK-US engagement, including two state visits and a series of announcements on trade, investment and economic cooperation. BAB says these moments have reinforced the importance of the transatlantic relationship, but suggests that beyond the headlines, there needs to be more consistent delivery for business if the EPD is to fulfil its wider ambitions.

BritishAmerican Business CEO Duncan Edwards said:

“Over the past year, we’ve seen real momentum in the UK-US relationship, with major progress in areas like pharmaceuticals, aerospace and investment pledges. The two state visits have also reinforced how important this partnership remains on both sides of the Atlantic.

“But while there have been genuine successes, delivery across the wider Economic Prosperity Deal has been uneven. In too many areas, businesses are still waiting for clarity on tariffs, regulation and implementation.

“The recent court ruling on tariffs was welcomed by business, but the shift toward alternative tariff tools and continued Section 232 investigations means uncertainty remains a real concern. Businesses want predictability and that is still missing in several important areas.”

As the leading transatlantic business organisation, BAB will continue to monitor and evaluate every commitment in the EPD. BAB urges both governments to ensure progress remains on track and helps deliver tangible benefits for transatlantic businesses.

Click here to read the report.