In a recent interview with Xinhua, Peter Holmes, trade expert and fellow of the UKTPO at the University of Sussex, opined that the UK and US are unlikely to reach a trade deal in the foreseeable future, despite both the leaders eager to strike a deal.
Key Quotes:
“My personal opinion is that the only gains readily available would be tariff reductions on some food and chemical products, and possibly exemptions from U.S. tariff surcharges.”
Referring to the possible scale of the future US – UK deal, “but as we have seen USMCA (United States-Mexico-Canada Agreement) do not in fact provide much by way of guarantees.”
Deep regulatory gains are hard to realize in the deal, noting that “any regulatory alignment with the U.S. would have two costs”.
“The U.S. side is really determined to press the UK to change its food safety rules. Chlorine washed chicken is symbolic but also a real concern.”
“U.S. is trying to get the UK to align its standards system in that of the U.S., which would create additional barriers with the EU.”
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