A recent trade accord of United States with Britain is likely to provide enough benefits to the latter even if it leaves the European Union. Both prime minister May and president Trump have emphasized on the likelihood of a new agreement during a press conference this week. But as of now Britain cannot open negotiations with any trade partners until it officially leaves the European Union as its Brexit plans are also in a mess. PM Theresa May is also likely to stand down so what is likely to happen is still very uncertain.
But formal discussions of US-UK deal will last several years due to political uncertainty in both countries and there is no likelihood of any investment says economists. EU is the biggest trading partner of UK and accounts for 49.4 % of its trade and US is its second largest partner with 14.7 % and its trade for 2018 was worth around $262 billion. Exports of goods and services from US stood at $141 billion producing trade surplus of $20 billion. While investments between both trading partners stood at $1 trillion around 1 million people are employed in both nations by firms from each other.
Mrs. May stated that Trump and she had discussions about positive trade agreement in the future and the deal will be of enormous proportions which will exceed the current level of trade by two to three times. But experts stated that demands of Trump’s administration are not likely to be approved by Britain and all parts of current agreement under discussion will have to be tabled during negotiations. Contentious issues likely to face barriers are imports of agricultural and livestock products from US and negotiations with National Health Services the publicly health system of Britain. All business negotiations of UK till now were being done as per EU negotiated terms and conditions but now it will have to negotiate its own deals.