The agreement is far from a trade deal. Instead, the US President and the United Kingdom's Prime Minister have focused on a series of targeted pledges covering artificial intelligence, critical minerals, clean energy and security concerns.

Sunak described the agreement as a “new economic partnership for a new age". When asked whether the Declaration was an "acknowledgement of the failure" to strike a broader trade deal, he said it "responds to particular challenges and opportunities we face right now".

The Atlantic Declaration could be seen as an effort to lessen the impact of the US' Inflation Reduction Act (IRA), which includes tax credits worth $3,750 (£3,000) for each EV manufactured in the US, or that uses components mined, processed or manufactured in the country.

The text of the agreement includes a commitment from both nations to work towards a deal that would allow critical minerals for electric vehicles mined...