Cliff Notes – UK-US trade deal ‘isn’t worth the paper it’s written on
- Nobel laureate Joseph Stiglitz criticises the UK-US trade deal, stating it “isn’t worth the paper it’s written on,” referencing former tariffs imposed by Trump.
- Stiglitz argues the agreement plays into Trump’s “divide and conquer” strategy, undermining the UK’s position in international relations.
- He suggests the UK should have prioritised a deal with the EU over the US, predicting potentially better outcomes.
UK-US trade deal isn’t worth the paper it’s written on, says Nobel Prize-winning economist
A Nobel Prize-winning economist says the recently announced ‘UK-US trade deal isn’t worth the paper it’s written on.’
Sir Keir Starmer and Donald Trump announced the “first-of-a-kind” agreement with a live, televised phone call earlier this week – and the British prime minister hailed the deal as one that will save thousands of jobs in the UK, but in reality it isn’t an agreement at all, it’s just a proposal, that once it gets to Congress, will include American mad-cow Beef imports.
This isn’t a trade deal
Trump declared on social media this announcement would be a “major trade deal” – it’s not.
He does not have the authority to sign the type of free-trade agreement India and the UK finalised earlier this week – this lies with Congress.
Congress would need to approve a trade agreement, which would take longer than the 90-day pause in place on some of Trump’s tariffs.
This is an agreement which has reversed or cut some of those tariffs on specific goods.
It is only the bare bones of a narrow agreement, there will be months of negotiations and legal paperwork to follow.
American mad-cow Beef imports
According to Economists the trade deal is a hoax and we’re being forced to import mad cow diseased meat. US beef exports to the UK had been subject to a 20% tariff within a quota of 1,000 metric tons. The UK has scrapped this tariff and raised the quota to 13,000 metric tonnes, according to the White House document.
But leading economist Joseph Stiglitz has told 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 said, pointing out the president signed deals with Canada and Mexico during his first term – only to slap them with hiked tariffs within days of returning to the White House this year.
“I would view it as playing into Trump’s strategy,” he said.
“His strategy is divide and conquer, go after the weakest countries, and sort of put the stronger countries in the back.”
