US and UK working on ‘very substantial’ trade deal, says Trump
US President Donald Trump has revealed that he has begun talks with Boris Johnson and the UK about a “very substantial” trade deal.
Speaking on Friday, Trump said that a deal between the two countries following the UK’s exit from the European Union could lead to a “three to four, five times” increase in current trade.
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Prime Minister Johnson spoke with Trump on the phone on Friday, and following the conversation the US President labelled his counterpart as a “great” choice for the role once again.
He added that trade between the US and UK had previously been impeded by Britain’s membership in the EU, but has yet to give details on how an improved trade deal would look.
Trump said the UK can expect to do “much more” trade with the US post-Brexit.
Formal negotiations between the pair would begin “as soon as possible” after the UK leaves the EU on 31 October.
While Britain remains in the EU, the country cannot sign its own trade deals.
Although it has already agreed “continuity” deals with 12 different countries and regions.
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Currently, it has done so with 64 per cent of areas covered by the EU: Central America, Andean countries, Norway and Iceland, Caribbean countries, Pacific Islands, Liechtenstein , Israel, Palestinian Authority, Switzerland, the Faroe Islands, Eastern and Southern Africa and Chile.
The deals mostly replicate the current agreements with the EU.