The US is still the largest economy in the world. President Trump’s $1.5 trillion tax cut will also be like adding rocket fuel to their consumer economy.
The UK has a trade surplus with the US, in sharp contrast to a massive trade deficit with the EU. There are many areas where we can benefit further. Sales of Jaguar Land Rovers, Minis and other vehicles should gain from losing 10 per cent tariffs, while agricultural tariffs will also drop. More whisky and drinks sales. For UK consumers it means cheaper jeans, jeeps, and jerky.
Services should benefit from better access to contracts at US federal and state level. These were one of greatest carrots offered under the EU’s equivalent but failed deal, TTIP.
As for the claimed horrors (such as enforced chlorinated chicken), don’t believe it. We can keep current EU standards for the first phase of a deal, giving us time for scientists to properly evaluate whether harmful effects are real or imagined.
If we’re doing new global trade deals post-Brexit, let’s start at the top.
January 30th, 2018: CityAM