The United States and United Kingdom entered formal trade negotiations on May 5. U.S.-UK chemicals trade totaled $5.3 billion in 2019. The chemical industry is the UK’s largest exporter of manufactured goods. A trade agreement that eliminates U.S. tariffs on chemical imports from the UK could save U.S. chemical manufacturers $76 million per year. Eliminating UK tariffs on chemical imports from the U.S. would reduce tariffs paid in the U.K by $84 million.