http://www.bbc.com/news/uk-politics-40540340
Huzzah. Panic over.
I can't wait to see what sort of trade deal we'll get from protectionist, "America first" Trump.
The only way we'll have a deal done "very, very quickly" is if May bows down to the vast majority of the US's demands to sign a trade deal skewed heavily in their favour.
This is the big problem. We are desperate for trade deals to shift dependence away from Europe. And we need them quickly. Every world leader knows that.
The main reason FTAs take so long (often 5-10+ years) is because every detail is negotiated so both sides try to get the best terms for themselves. Unfortunately, we cannot afford to do that.
Our Government often says "no deal is better than a bad deal" when it comes to the EU. Are we going to apply the same rule to every other major economy as well?
The difficulty of this situation is hugely underestimated. When we leave the EU, we leave the single market and also 60+ global FTAs brokered by the EU.
Considering the amount of time and effort required to negotiate free trade agreements (particularly to get a good result), we're going to seriously struggle on resources alone.
Civil service cuts, combined with the largest Whitehall "project" since World War 2, is a recipe for disaster. Even if we want to claw back a fifth of the trade agreements we had within the EU, we'll have to simultaneously negotiate with the EU and 12 different economies at the same time.
And what makes this an order of magnitude more difficult is that countries will factor in our trade relationships with other countries when it comes to their own negotiations. As the article above mentions, the US will want to see what sort of trade access we have with Europe to understand the advantages they can gain by using the UK as a gateway to the European market. The better our trade relationship is with Europe, the more valuable we are to the Americans.
It's a catch-22 situation. How do we negotiate even 5 trade deals simultaneously when every opposing party is reluctant to be the first to commit? What we arrange with Japan will impact negotiations with the US. What we arrange with Europe will impact negotiations with Japan, and so on.
No country in recent history has went back to square one like the UK will. Even Afghanistan will have more free trade agreements than us. Eventually, I'm sure we'll be on our way, but it's the beginning, when we're most desperate, where the major difficulties lie.
In many cases, we will have no choice but to give away concessions we otherwise wouldn't have.