Trump and Johnson line up post-Brexit trade talks: Here's what both sides want

• Ahead of their upcoming talks, both countries have outlined their main objectives as they look to reach a final agreement by the end of the year.
• The U.K. government has made it clear in its mandate that whatever it negotiates with the United states it will not lead to more expensive medicines for its National Health Service (NHS).

British Prime Minister Boris Johnson shakes hands with US President Donald Trump onstage during the annual NATO heads of government summit on December 4, 2019 in Watford, England.

Steve Parsons | Getty Images News | Getty Images

The U.S. and the U.K. are starting trade talks later this month amid skepticism that any deal won't bring the massive economic boon that is being predicted.

The agreement could increase U.K. growth by 0.16% by the year 2035 in a best-case scenario — about $3.4 billion ($4.35 billion) — according to a report published by the U.K.'s international trade department. The same document also estimated that the deal could grow the U.S. economy by between 0.03% and 0.05% over the same 15-year period.

Ahead of their upcoming talks, both countries have outlined their main objectives as they look to reach a final agreement by the end of the year.

What does the US want?

According to the Office of the United States Trade Representative, these are some of the issues the White House will be looking to negotiate on:

• Wider market access for remanufactured goods.
• Duty-free access for U.S. textile and apparel products.
• Comprehensive market access for U.S. agricultural goods.
• Remove barriers that block exports of U.S. food and agricultural products.
• Increase trade in products developed through biotechnologies.
• Avoid customs duties on digital products, such as e-books and music.
• Increase access of telecommunication services.
• Full market access for U.S. pharmaceutical products.

How about the UK?

The U.K. government has made it clear in its mandate that whatever it negotiates with the United states it will not lead to more expensive medicines for its National Health Service (NHS). Apart from that, it also said that it wants:

• Reduce tariffs on goods but not lower standards, including in U.K. agriculture.
• Allow U.K. manufacturers to have their products tested against U.S. rules before exporting them.
• Sell more U.K. agri-food goods to the U.S. market.
• Expand opportunities for U.K. financial services.
• Allow U.K. consumers greater access to U.S. telecommunications.
• Ensure the deal will support the U.K.'s aim to be net zero carbon emissions by 2050.

The location of their negotiating rounds will alternate between the U.K. and the U.S.