Biden and UK’s Sunak Unite for ‘Atlantic Declaration,’ Committing to Collaborations on A.I. and Vital Minerals

Biden and UK’s Sunak Sign ‘Atlantic Declaration’ to Strengthen Economic Security against Russian and Chinese Threats

To enhance economic security amidst challenges posed by Russia and China, British Prime Minister Rishi Sunak and President Joe Biden have jointly signed the “Atlantic Declaration.” Although a U.S.-U.K. trade deal remains elusive, the declaration signifies their commitment to collaboration in various areas, including artificial intelligence, critical minerals, clean energy, and security.

The agreement, announced during a press conference at the White House’s East Room, comprises a series of mini-deals to foster cooperation. During his U.S. trip, which is nearing its end, Sunak praised the declaration as an unprecedented “new economic partnership for a new age.” He emphasized the significant £14 billion ($17.5 billion) of new U.S. investment committed to the U.K. and joint research initiatives in quantum, semiconductors, and AI.

A document released by the U.K. government outlined some critical aspects of the agreement. It stated that both countries would initiate discussions on an arrangement to grant tax benefits, under Biden’s Inflation Reduction Act, to electric vehicle minerals mined in the U.K. Furthermore, Biden plans to request Congress to designate Britain as a “domestic source” within the U.S. Defense Production Act, which would provide more favorable terms for suppliers from the U.K.

The document also acknowledged the evolving challenges to global stability, including authoritarian regimes such as Russia and the People’s Republic of China, disruptive technologies, non-state actors, and transnational issues like climate change.

Sunak, who assumed his role following the market turmoil experienced by his predecessor Liz Truss, faced questions regarding the promised U.K.-U.S. trade deal during Donald Trump’s presidency. With Britain’s departure from the European Union and the recent cost-of-living crisis accentuated by supply chain disruptions, public sentiment has shifted against Brexit, as reflected in current opinion polls.

Responding to skepticism about Britain’s reliability as a partner after leaving the EU, Sunak asserted, “Judge us by our actions. We remain committed to our values, a steadfast ally, and an attractive investment destination.”