Report is 190 pages long. The ITC, an independent, nonpartisan, fact finding federal agency, recently completed the report for the U.S. Senate Committee on Finance. The United States is the UK's single largest trading partner and accounts for about 90 percent of the UK's trade with North America. They are also each other's largest source of foreign investment. Depending on what assumptions are made about the UK's trade with the rest of the European Union, an elimination of tariffs on products traded between the United States and the UK would increase U.S. imports from the UK by between 7 percent and 12 percent and U.S. exports to the UK would increase by between 11 percent and 16 percent.
Results are also small for the other countries.
ITC general fact finding investigations, such as this one, cover matters related to tariffs or trade and are generally conducted at the request of the U.S. Trade Representative, the Senate Committee on Finance, or the House Committee on Ways and Means. The resulting reports convey the Commission's objective findings and independent analyses on the subjects investigated. The Commission makes no recommendations on policy or other matters in its general fact finding reports. Upon completion of each investigation, the ITC submits its findings and analyses to the requester. The ITC subsequently releases general fact finding investigation reports to the public, unless they are classified by the requester for national security reasons.