In July 2016, in the wake of the United Kingdom's vote to leave the European Union, Fox was appointed the first Secretary of State for International Trade by new Prime Minister Theresa May. He was also made President of the Board of Trade. Fox has twice stood unsuccessfully for the leadership of the Conservative Party, in 2005 and 2016. In July 2019, he lost his cabinet position when new Prime Minister Boris Johnson made a cabinet reshuffle.