The recent U.S.-U.K. trade deal is seen as underwhelming, with the Trump administration heralding it as historic, yet it delivers minimal benefits that pale in comparison to expected gains from traditional free-trade agreements. The deal only partially rolls back tariffs on a handful of products, and many key issues like non-tariff barriers and other trade aspects remain unresolved. Additionally, existing regulatory barriers and tariffs create further friction, resulting in a trade landscape that is more restrictive than beneficial.
If the U.K. deal is a model for deals yet to be struck with other nations, Trump will have little to show for the chaos and disruptions that his tariffs have unleashed.
The published terms of the U.K. deal provide clear and complete commitments to roll back tariffs on just three product categories-beef, ethanol, and automobiles-and even then, only partially.
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