UK-US Trade Deal
The UK-US Trade Deal” aims to minimize barriers to trade in critical areas such as the British steel manufacturing, to intensify economic collaborations.
But a reservation has been aired by a US economist, who has won the Nobel Prize, Professor Joseph Stiglitz, the trade deal would not be a great achievement, he told Sky News. As Nobel laureate Stiglitz puts it, the power of transformation of this deal is minimal, with rewards of these paled compared tothe opportunity offered by larger trade contracts, casting doubt on whether this deal remains relevant to the UK economy in the long run.
UK-US Trade Deal
According to a Nobel Prize winning economist, Sky News gets it that the significance of the UK-US trade agreement has been overhyped – “it is only a piece of paper”.
In a live, televised phone call earlier this week, Sir Keir Starmer and Donald Trump announced a “historic” trade deal, and Prime Minister Starmer promoted the deal as essential for securing thousands of jobs in the UK.
Politics latest: Immigration policies are criticized by members of the Conservative Party.
Economist Joseph Stiglitz, dissenting from the (Sunday Morning with Trevor Phillips) news on Sky News, said that he would not categorize the deal as a serious achievement.
He said: “A deal with Trump carries no weight unless it’s signed in blood,” and he explains that the presidents signed trade pacts with Canada and Mexico in their first terms and then, soon after their second inauguration imposed new tariffs.
He said that we were being told that it fitted Trump’s way of doing things.
He tries to isolate, punish the weakest countries first, and simply sideline the strong countries.
The need for negotiating a UK-US trade deal was sparked last month when Trump announced his ‘Liberation Date’ move, in which he imposed new tariffs and created massive market instability across the world.
China first faced 34% tariffs from the U.S. This attracted retaliation from the U.S., which triggered a quick trade war.
The US and China have imposed tariffs above 100%, but this weekend has seen senior representatives from both countries come together for important talks.
Read more
- Going into the greater details of the deal between the UK and the US.
- Analysis – where we’re going for Starmer.
In responding to Trump, said Mr Stiglitz, Beijing made it very clear that the US depends on China to a large extent.
But now negotiations are beginning, and they’ll come in from a position of strength.
👉 Listen to Electoral Dysfunction for free on your podcast app and get listening today. 👈
Argued when asked if he thinks the UK should have made its relationship with the EU its priority over the US, Mr Stiglitz declined: “Very much so.
I believe that cooperation with the EU may lead to a better agreement than has been achieved so far.
If at the end the final result reveals the fact that Trump is not satisfied, he will quit. He being unhappy, I can only wish you good luck.
You Might Like: The US and the UK Strike an Agreement
