FIRST AIRED: July 24, 2017

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Transcript

00:00:00
>> Working on a trade deal which would be a very, very big deal, very powerful deal, great for both countries. And I think we'll have that done very, very quickly.>> Well, maybe. US-UK trade talks set to begin Monday in Washington. That after Donald Trump's bold promise earlier this month to Theresa May.
00:00:18
The British prime minister keen to cozy up with new partners thanks to Brexit. But trade experts aren't so sure a deal can be done quickly.>> The EU Japan one, which is on a similar sort of scale to the one we're talking about now, took four years to prepare and easily gonna take two years til we get to signing.
00:00:38
>> The UK can't officially conduct trade negotiations until it quits the EU in March 2019. These are just exploratory talks, making a deal unlikely before the mid-2020s at best. But the UK hasn't negotiated a trade pack for nearly 50 years, back before it joined the EU. Though experts are being recruited, they could easily be snowed under.
00:01:02
Besides Brexit itself, there is a host of other free-trade agreements on the to-do list.>> There's also the whole set of issues around what we do about the countries. We've already got FTAs with through the EU. And those FTAs disappeared the day we become known members. So how are we going to react to those renegotiating them?
00:01:27
That's about 55 countries.>> May promised new agreements to make up for any exit from the EU Single Market, but her eagerness could be exploited by Washington. US farmers expected to demand access for genetically modified food. They may also want to water down food safety standards set by the EU.
00:01:47
Those ideas might not be popular with UK consumers. Doing a big deal quickly is going to test Donald Trump's optimism to the full.