The third round of negotiations between the United States and the United Kingdom on a new trade agreement has arrived and gone, and now where is it? President Trump and Prime Minister Boris Johnson say they are enthusiastic, and both economies could benefit from the boost. But an agreement is proving more difficult than expected, for all the wrong reasons. If the UK were to act in accordance with WTO rules, tariffs would apply to most of the products that British companies send to the EU. This would make British goods more expensive and more difficult to sell in Europe. The UK could also do so for EU products if it so wishes. WASHINGTON (Reuters) – The latest warning from U.S. presidential candidate Joe Biden that the United Kingdom must abide by the 1998 peace agreement between Northern Ireland and North America to secure a U.S. trade deal adds new complexity to the already difficult trade negotiations between the United States and Britain. While a member of the EU, the UK was automatically part of some 40 trade agreements that the EU has concluded with more than 70 countries. In 2018, these activities accounted for about 11% of total trade in the UK. We do not yet know the answers to these questions.
We know that the trade relationship between the EU and the UK will most likely be minimal, at least initially, which could open up new trade and investment opportunities and strategically steer the UK towards the US and North American markets. This harmonization would be fostered by an Anglo-American free trade agreement. And with a new strategic economic and trade orientation, there is even closer cooperation between defence and security issues, as well as a strengthening of relations between citizens. Even if a trade agreement is reached, all new controls will not be removed, as the EU requires that certain products (such as food) from third countries be checked. Businesses need to be prepared. “The abolition of the Good Friday Agreement is a non-candidate, but there are five or six other potentially difficult issues on which the two countries are still very far apart,” said Harry Broadman, managing director of Berkeley Research Group and former senior US trade official, including agriculture, the UK health system and the proposed digital services tax in the UK. British officials have repeatedly stated that they are looking for a comprehensive trade deal and that they are not trying to enter into an agreement before the US election, and that they are still waiting to find out who will win the November election. Brexit: BRITISH trade “difficult if the Irish border is not resolved” As these two maritime states plan new bilateral trading waters, it will avoid exciting economic benefits and avoid dangerous depths while a new navigational compass is used: the UK`s exit from the European Union and its internal market.
Over the past 47 years, the UK has complied with the EU and not US standards and regulations. The UK`s reorientation to the European Union, its largest export market, is itself an important strategic decision. The economic impact of Brexit could reduce the UK`s GDP by 5-10%. In addition to a free trade agreement between the United States and Britain, Britain must also negotiate its trade relations with other countries, particularly Commonwealth countries such as India and Australia, which hold out great promises and can challenge or reduce elements of a free trade agreement between the United States and Britain. But what will move the country in the future? A selective independent route? The United States or a North American trade orientation? A Commonwealth approach? Focus on the Pacific? However, it is unlikely that the United Kingdom will enter into an “ideal” business model with the United States, which defends its offensive and defensive interests. The U.S. economy is six times larger than the U.K. economy, and 13% of UK exports go to