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Old 6th Aug 2019, 17:04
  #810 (permalink)  
Join Date: Oct 2018
Location: Ferrara
Posts: 1,019
Summers in detail........................

The former US Treasury Secretary Larry Summers has said he does not expect the UK to secure a trade deal with the US soon after Brexit.

"While this is at the top of your agenda, in the United States, we have an election that will be more preoccupying than any presidential election in the last 50 years," Mr Summers, who also served in the Obama administration, told Today. "We have economic conflict with China and - even on top of that - the deterioration of the pound is going to further complicate the negotiating picture," he continued.
"We will see it as giving Britain an artificial comparative advantage and make us think about the needs to retaliate against Britain, not to welcome Britain with new trade agreements."

Even if the two countries could come to an agreement, Mr Summers said the UK is in a weak negotiating position.

"Britain has much less to give than Europe as a whole did, therefore less reason for the United States to make concessions. You make more concessions dealing with a wealthy man than you do dealing with a poor man. Britain has no leverage, Britain is desperate, Britain has nothing else, it needs an agreement very soon. When you have a desperate partner, that's when you strike the hardest bargain."

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