While Stephens said the pact locks in “the lowest” tariffs of any U.S. trade partner, he called for the U.K. to move faster in wrapping up the next stage of talks.
“No one shakes hands on a deal and then refuses to deliver the promised product. People agree on terms, then implement the deal to profit both their businesses,” Stephens told the British Chambers of Commerce Driving International Trade Conference.
“We’re excited by these deals and we’re ready to act on them — we just want to see our partners showing that same urgency and commitment to delivery,” he added.
The legal text of a pharmaceutical deal for the U.K. to spend more on cutting-edge drugs is still being nailed down, and the U.S. has yet to lift 25 percent duties on British steel.
Britain is also pushing for tariff relief for Scotch whisky exports.
Meanwhile progress on the Tech Prosperity Deal, agreed during Trump’s second state visit last September, was paused in December as the U.S. pushed London to honor the terms of the EPD.