“It all depends on the administration that's there - different presidents have different priorities.
“Lots of countries have been looking to have a free trade agreement with the US, including us, but for now they've said that's not something they want to do and we need to respect that.
“Instead we're having other types of trading interactions and trading deals with them.”
Biden’s reluctance to accept a trade deal with the UK stems from his annoyance with Downing Street’s stance on the Northern Ireland Protocol.
Ramaswamy’s statements come just a week ahead of US Commerce Secretary Gina Raimondo’s trip to China to discuss the climate of their economic relationship.
Raimondo is reported to be heading to China with a message that the US does not plan to decouple from China but will protect its national security.
According to official data from the United States Census Bureau released this month, trade between the US and China was down 24 per cent in the first five months of 2023 compared to the same period in 2022.
Despite the drop, Treasury Secretary Janet L Yellen reaffirmed during a trip to Beijing in July that “record” high US-China trade last year demonstrated “there is ample room for our firms to engage in trade and investment.”