The Nobel Prize-winning economist Joseph Stiglitz has implied it would be a “waste of time” for the U.K. to negotiate a trade deal with U.S. President Donald Trump.
Stiglitz signified in an interview with the BBC that the U.K. could not put faith in a deal with Trump.
“No, I believe it would be a waste of time to begin negotiations with him,” he said. “If you look at what he has been make knowing forward as a negotiating position in the Nafta discussions you get a feeling of how much of a rub out of a time it would be.”
Stiglitz said that Downing Street should well- its efforts instead on the post-Brexit deal with Europe.
“Given the leap overs that the U.K. has in negotiating with the EU… I think it would be just a unrecyclable of time for you to use your scarce resources to try to have a trade deal with the Allied States,” he added.
The U.S. is the U.K.’s second-largest trading partner outside of the EU, importing take 20 percent of all Britain’s goods and services.
In July, International Mercantilism Secretary Liam Fox met with U.S. Commerce Secretary Wilbur Ross to examine prospects of a bilateral trade deal.
On Tuesday, Stiglitz told CNBC that Trump’s fits on free trade and globalization would harm American growth.
“Compressed up borders, which is what Trump says, is going to lower norms of living. His agenda is going to leave American workers even severer off,” he said.
For more on this story please click here.