Sir Keir Starmer and Donald Trump introduced the “first-of-a-kind” settlement with a dwell, televised telephone name earlier this week – and the British prime minister hailed the deal as one that can save hundreds of jobs within the UK.
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However main economist Joseph Stiglitz has advised Sunday Morning with Trevor Phillips he “wouldn’t view [the deal] as a great achievement”.
“Any agreement with Trump isn’t worth the paper it’s written on,” he mentioned, mentioning the president signed offers with Canada and Mexico throughout his first time period – solely to slap them with hiked tariffs inside days of returning to the White Home this yr.
“I would view it as playing into Trump’s strategy,” he mentioned.
“His strategy is divide and conquer, go after the weakest countries, and sort of put the stronger countries in the back.”
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How good is the UK-US deal?
The scramble to safe a UK-US commerce deal was sparked by Mr Trump’s ‘Liberation Day’ announcement final month, which noticed the president hike import tariffs for a number of international locations and subsequently ship international markets crashing.
China initially confronted tariffs of 34% and when Beijing hit the US with retaliatory charges, a commerce battle rapidly ensued.
The US and China now impose tariffs of above 100% on one another, however representatives from the 2 international locations have this weekend met for high-stakes negotiations.
Picture:
Donald Trump, with US vp JD Vance and Britain’s ambassador to the US Peter Mandelson, asserting the deal. Pic: AP
Picture:
Sir Keir Starmer dialled in for the deal announcement. Pic: AP
With its response to Mr Trump, Beijing “made it very clear that the US is very dependent on China in so many ways,” Mr Stiglitz mentioned.
“So they’re beginning now to negotiate, but from a position of strength.”
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Requested if he thinks the UK ought to have targeted on its relationship with the EU as a substitute of the US, Mr Stiglitz mentioned: “Very much so.
“My view is that for those who had labored with the EU to get a very good deal, you would have executed higher than what you’ve got executed.
“If it turns out, in the end, when you work it all out, Trump is unhappy, he’ll run. If he’s unhappy, I pray for you.”
Among the many phrases within the UK-US commerce deal are diminished tariffs on British automobile and metal exports to the US, whereas the UK has agreed to take away a tariff on ethanol, used to provide beer.
The settlement additionally opens a brand new agricultural trade, with US farmers being given entry to the UK for the primary time – although UK meals requirements on imports haven’t been weakened.
