Downing Street has appointed Varun Chandra as the Prime Minister’s Special Envoy to the United States on Trade and Investment, with the notice published on 23 January 2026. He continues as the PM’s Chief Adviser on Business, Investment and Trade. (gov.uk)
The government sets a cross‑Whitehall brief: coordinate with the Foreign, Commonwealth and Development Office, the Department for Business and Trade, the Office for Investment and HM Treasury; strengthen engagement with US business leaders; support British firms entering the US market; and advise on US trade negotiations-covering what it calls the Economic Partnership Dialogue (EPD), the Trade Partnership Dialogue (TPD) and related agreements-reporting to the Secretary of State for Business and Trade. (gov.uk)
The appointment sits within a substantial UK–US economic relationship. Office for National Statistics data confirm the United States is the UK’s largest single‑country trading partner; in 2024 it accounted for 16.2% of UK goods exports and remained the top partner for services. Downing Street places total UK–US trade at over £330 billion in the year to summer 2025. (ons.gov.uk)
Ministers also highlight investment flows: during the September state visit by the US President, the government reported record commitments of around £150 billion from US companies linked to 7,600 UK jobs. (gov.uk)
On process, terminology matters. In remarks on 8 May 2025 the Prime Minister announced agreement on the basis of an Economic Prosperity Deal (EPD) to underpin sectoral arrangements rather than a single free trade agreement; a written statement to Parliament on 13 October 2025 recorded preferential 25% tariffs on steel and aluminium (rather than a 50% rate elsewhere) and a 10% lumber tariff, with talks continuing on pharmaceuticals and semiconductors. (gov.uk)
The Chandra notice refers to the “Economic Partnership Dialogue (EPD)” and a “Trade Partnership Dialogue (TPD)”. Across recent documents, EPD has also been used to mean “Economic Prosperity Deal”. In practice these tracks sit alongside the EPD package and deliver sector agreements rather than a full FTA. (gov.uk)
The technology strand announced during the September 2025 state visit has since stalled: the United States suspended implementation of the “Technology Prosperity Deal” in December, pending wider progress in trade talks. Companies working in AI, quantum and nuclear should monitor any reset timetable. (ft.com)
For small and medium‑sized enterprises and services exporters, structured channels continue outside the headline negotiations. The US and UK held the 9th SME Dialogue in Charlotte on 1 May 2025, following Belfast in April 2024 and California in October 2023, covering digitalisation, customs and IP support. These events are run by USTR, the US Department of Commerce and the SBA with the UK Department for Business and Trade. (ustr.gov)
What to watch next: EPD workstreams on pharmaceuticals progressed to an agreement in principle in December 2025, according to USTR; further detail on implementation and any impact on UK pricing policy will be central to life sciences planning. Meanwhile, ongoing cooperation under the 2023 Atlantic Declaration-including biosecurity-provides continuity while the technology deal is paused. (ustr.gov)