‘It’s delusional’: Economist warns over UK-US
IT is “delusional” for Britain to expect a favourable trade deal with the US, a senior economist has claimed, as Dominic Raab seeks to “fire up” the UK’s trade relationship with North America.
Larry Summers, former US treasury secretary and ex-director of the National Economic Council in president Barack Obama’s administration, said Britain has “no leverage” in any trade negotiations and should not hope to be prioritised in a trade deal with the US.
His comments come as the Foreign Secretary embarks on his second major overseas trip since being appointed by Boris Johnson, starting in Toronto on yesterday before moving on to Washington tomorrow and Mexico City on Thursday.
Mr Raab said ahead of the trip: “In my first fortnight as Foreign Secretary, I’m travelling east and west to underline that the UK is determined to strengthen our friendships with countries energy into making sure that we can secure that good deal but at the moment it is the EU that seems to be saying they are not interested.
“They are simply saying ‘No, we don’t want to talk’. I think that is wrong and sad. It is not in Europe’s interests.”
Mr Johnson has said that while he wants to negotiate a new agreement, he is not prepared to open talks unless the EU side agrees to drop the backstop which proved the key stumbling block to Mrs May’s deal.
Speaking on a visit to Northern Ireland, Mr Varadkar re-iterated his across the world and raise our international horizons.
“I’m determined that we fire up our economic relationships with non-European partners.
“That means working with them now to ensure a smooth transition of our trading arrangements after Brexit and means quickly moving to wideinvitation to Mr Johnson to go to Dublin for talks on the basis of “no pre-conditions”.
At the same time, however, he said the Withdrawal Agreement could not be re-opened, although the EU could offer “clarifications” as well as possible changes to the Political Declaration on the future relationship between the UK and Brussels.
“Our position is that the Withdrawal Agreement including the backstop is closed. But there is always room for talks and negotiations,” he said.
“We can certainly make changes to