The UK's Brexit woes will make it 'desperate' for a new trade deal with the US, according to former Treasury Secretary Larry Summers
The U.K. government's commitment to leaving the European Union in less than three months with or without a deal has crippled its trade negotiating power, former U.S. Treasury Secretary Larry Summers said.
"It needs an agreement [on trade with the U.S.] very soon. When you have a desperate partner that's when you strike the hardest bargain."warned that American domestic politics, the ongoing trade war with China, and the plummeting pound made a post-Brexit trade deal between the U.K. and the U.S. unlikely.
“Britain has much less to give than Europe as a whole did, therefore less reason for the United States to make concessions,” he said.British Foreign Secretary Dominic Raab is traveling to Canada, the United States and Mexico this week to seek to boost ties with non-European countries ahead of Brexit, his office said.
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