UK trade minister eyes ‘big prize’ from US deal
LONDON (Reuters) – The quicker that Britain can reach a post-Brexit trade deal with the United States, the better; however, there’s much in the way of doing so, British trade minister Liam Fox said on Tuesday.
The close allies were caught in an escalating spat last week after memos from Britain’s ambassador to Washington, describing Donald Trump’s administration as inept, infuriated the president and ultimately lead to the envoy’s resignation.
Asked whether the row would damage the prospects of a UK-US trade deal, Fox – who was in Washington meeting with Ivanka Trump the day before the ambassador resigned – said that the appetite to reach a deal was still strong in both countries.
“It’s a big ambition and it’s a big prize for Britain to get a Free Trade Agreement with the US and of course, the quicker we can do so, the better,” Fox said on the sidelines of a UK-India trade event in London.
The Times newspaper reported Monday that Boris Johnson, the front-runner to become Britain’s new prime minister next week, plans to meet Trump within the first two months of taking office and could seek to secure a limited trade agreement before Britain leaves the EU at the end of October.
Fox said that would not be possible because Britain is not allowed to negotiate trade deals with other countries until it has left the bloc, and that there are also other issues in the way of reaching a deal.
“We are entering the final year of an American presidential term where thoughts tend to turn to campaigning more than anything else and there a lot of issues in the way, would Britain introduce a digital services tax, what would the reaction be to a no deal and the implication for the Northern Ireland border, these things will have an impact potentially on an FTA [Free Trade Agreement].”