Abolishing tariffs is desirable, but not at the cost of lowering regulatory standards or resetting relations with the European Union. A bilateral trade agreement between the UK and the US holds limited economic significance, with a projected long-term GDP increase of just 0.07%, contradicting Brexiters’ claims of transformative benefits. Current tariffs on cars and pharmaceuticals pose a threat, especially with the potential reimposition of a 10% tariff on UK exports to the US, making it essential for Britain to pursue trade talks despite global trade challenges.
