Too Soon to Start Bilateral UK Trade Talks – U.S. Trade Chief

U.S. Trade Representative Michael Froman told his new British counterpart on Monday that the two countries cannot launch negotiations on bilateral trade and investment deals until more is known about Britain’s future relationship with the European Union.

The U.S. Trade Representative’s office said in a statement that Froman told UK Trade Secretary Liam Fox in a meeting in Washington “that the United States will be prepared to engage in conversations with the United Kingdom about how to develop our trade and investment relationship in the best way at the appropriate time.”

Britain has yet to launch separation negotiations with the EU since the June 23 Brexit vote, and little is known about the level of future economic integration between an independent Britain and the trading bloc that will be reduced to 27 countries. At stake are whether UK-EU tariffs will be reimposed, the ability of London-based financial firms to operate on the continent and immigration rules affecting employees.

Reuters

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Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.