Mr Biden’s $1.9trillion (£1.6tn) plan to help the US economy recover from the COVID-19 pandemic is set to clear a final legislative hurdle when the House of Representatives votes on the measure on Tuesday. It is the third major spending package to counter the pandemic, and the first since Mr Biden took office in January with his Democrats narrowly in control of both houses of Congress. There is plenty of debate about whether the package is the right call.
To its supporters, it will reboot an economy in dire need of help, while to its critics it is a potentially inflationary overkill.
According to financial columnist and author Matthew Lynn the world will find out in due course but one point is surely clear: it is a fantastic opportunity for exporters to the US, Britain included.
He explained: “American consumers will be awash with cash.
“And given that the US is our largest trading partner, British businesses should be able to benefit from it just as much as American ones.
“Play it right, and financial services, drugs, media, fashion, upmarket cars and drinks brands could all be among the big winners from the spending spree – but they need to start preparing for that now.”
Indeed, given the relative importance of the US to British exporters, Mr Lynn claims the UK should see more of a boost than anyone aside from Canada and Mexico.
He added in his piece for the Telegraph: “It is a vast opportunity, and with our departure from the European Union still making that market difficult, it could hardly have come at a better time.
“In truth, President Biden is launching one of the great consumer booms of all time.
“He is determined to make the ‘roaring Twenties’ a reality, whatever the cost.
“There are risks to that, and the financial markets will have to assess them as the spending spree unfolds. But there will also be plenty of opportunities.
“It may end badly, but in the meantime it is going to be quite a party.”
Prime Minister Boris Johnson might be pleased about Mr Lynn’s claims – as the US-UK trade deal he promised to reboot Britain’s economy after Brexit appears to be at risk now more than ever.
The European Commission is threatening the Government with legal action after differences on their post-Brexit trade agreement and more specifically areas involving Northern Ireland have become much more apparent.
Both sides agreed to conduct checks on goods moving across the Irish Sea, going from Scotland, Wales and England to Northern Ireland as the latter is still part of the single market.
The clause was signed as a measure to avoid a hard border with the Republic of Ireland and respect the Good Friday Agreement signed in 1998.
Britain had until the end of March 2021 to implement the checks – but it has now decided to extend the grace period until October.
According to the European Commission, this breaches the so-called Northern Ireland Protocol and international law.
London responded by saying the UK had warned the Commission earlier this week before going public with the news and argued that the delay was a “temporary” technical step “to provide more time for businesses such as supermarkets and parcel operators to adapt to and implement the new requirements”.
Nevertheless, Britain’s move is likely to draw outcry – not just from Europe but also from across the Atlantic.
When last year, Mr Lewis told the Commons that the Government intended to break international law in a “limited and specific way” in the later ditched internal market bill, the then-US presidential hopeful Mr Biden warned about the need to respect the Good Friday Agreement.
Now that he has become US President, Mr Biden could take an ever harder stance on the issue.
Trade adviser Shanker Singham told Express.co.uk any suggestion the Government might resile from the agreement could damage US-UK relations and even scupper the plans for a US-UK trade deal.
Mr Singham, the CEO of economic consultancy Competere, explained earlier this year: “The number one priority which has gone up the list massively in the US with Biden is the proper implementation of the Northern Ireland Protocol.
“So any suggestion that the UK Government is going to resile from the Protocol in any way, suspend it or whatever, would be very badly regarded in the US.
“It would not only kill any deal with Washington, it would likely kill the diplomatic relationship between the two countries, actually.”