Last week’s trade deal with the USA was undeniably good news. There will be those that say “oh well, the terms aren’t as good as we had prior to Trump’s election”.

Similarly, there will be those that will say, once we get a deal with the EU, “oh well, the terms aren’t as good as we had when we were still in the EU”. Both these comments ignore one key factor: the world has changed. We are no longer in the EU and Trump is now the President of the USA. This government has to deal with the hand we have been dealt, not hark back to bygone eras.

The US deal came off the back on a new trade deal with India, which itself came off the back of the government’s decision to rescue British Steel. In terms of India, there has been much misinformation about National Insurance paid by Indian workers. Firstly, this is the same arrangement that we already have in place with about 50 other countries. It is a reciprocal arrangement, so the same rules apply to British workers in India. And secondly, it doesn’t actually form any part of this trade agreement – it is an entirely separate issue that has been discussed for many years. This government has simply formalised it.

=kl.,≤≤≤≤©¥†ø≥≥≥≥≥≥≥˙÷¥¥¥÷÷¥Now let me turn to why these deals are relevant to us here in Cornwall. Firstly, opening the UK to new investment, whether it’s within Cornwall or without, creates jobs which, in turn, increases the tax-take for the Exchequer, which means the overall ‘pie’ that can be shared out for public services gets bigger. With interest rates falling combined with the government’s commitment to public sector investment, the international climate for inward investment into the UK is getting stronger.

A recent international survey reported that the UK was already the second best place for investment. That means GDP growth and that overall ‘pie’ getting bigger. Secondly, there is a direct benefit to Cornwall from these two trade deals, particularly the US deal. Prior to becoming an MP last July, I worked in the UK automotive industry for 30 years. Two weeks ago in Westminster, in a closed private session, I met with leaders of the major UK car manufacturers.

Following the announcement of the 25 per cent tariffs on car imports, their mood was dire. I cannot recall being in a meeting so emotionally charged – senior executives were warning me of the imminent threat of tens of thousands of job losses across the UK.

As a result of the US trade deal, reducing tariffs to 10 per cent from 25 per cent, the car manufacturer investment plans are now at least back on the drawing board. That investment includes electric vehicles, all which need lithium for their batteries. Where has the largest domestic supply of lithium? You guessed it: Cornwall! From the Oval Office to United Downs, these international trade deals have a direct impact on investment, jobs and wealth right here in Cornwall.