This would be a “waste of time” for the UK to attempt to negotiate a trade agreement with the united states, Nobel Prize-winning economist Joseph Stiglitz told the BBC.
Mr. Stiglitz said that the united KINGDOM should not use its “scarce resources” in the pursuit of a post-brexit agreement.
President Donald Trump has already said that he was working on a “grand agreement” with the united KINGDOM.
But Mr. Stiglitz said that the united KINGDOM should not trust the President during trade negotiations.
Speaking Today on BBC Radio 4, Mr Stiglitz, who is also a former World Bank chief economist, said he thought Mr. Trump would be “talk about making a deal”.
He wondered if something Mr. Trump negotiated would have “a lot of support in the Congress.”Asset: united KINGDOM, the trade agreement ” could be greatInside of a US/UK tradeJust what are the Trump business priorities?
In July, the Secretary of state for International Trade, and Liam Fox, went to Washington, d.c. to discuss the prospects.
He was pushing a deal that would boost trade between the united KINGDOM and the united states to take effect when the united KINGDOM leaves the European Union.
However, the President, Trump has made it clear that he wants less generous trade relations with other nations and trade blocks.
He wants to renegotiate the North American Free trade Agreement (Nafta), a deal that has significantly reduced the barriers to trade between the united states, Mexico and also Canada.
Some experts fear that the Trumpet of the directors may be prepared to bypass the World Trade Organization (WTO) rules and to impose new import restrictions, irrespective of the rules of the organization. “A Non-starter’
Asked Today whether the united KINGDOM should trust the President Asset when it comes to the negotiation of a trade agreement, Mr. Stiglitz said: “No, I think it would be a waste of time to begin negotiations with him.
“If you look at what it has been put forward as a negotiating position, of the Nafta discussions, you get an idea of how much of a waste of time, it would be.
“It is proposed that Nafta be a five-year contract.
“Companies can’t go forward with the confidence that it’s going to be another contract within a further period of five years, it is so absurd even the business community who have supported so much have come down and said that it is a non-starter.”
Mr. Stiglitz also said: “What Trump has done is thrown a hand grenade in international trade relations, has said that he will renegotiate the terms of the WTO and it has put a block in the appointment of judges in the framework of the WTO.
“Given the obstacles that the united KINGDOM has negotiated with the EU… I think it would be just a waste of time for you to use your scarce resources to try to have an exchange with the united States,” he added.