A quick trade deal with the US after Brexit is less likely than we think

It is many a Brexiteer’s fantasy: In 2019, shortly after the UK formally leaves the EU, Theresa May welcomes Donald Trump to Downing Street to ink a trade pact. Out with the old, in with the new, and the ‘special relationship’ standing tall. But how likely is that scenario? A trade deal would certainly be politically meaningful for both sides. For Trump, who is facing pressure over his protectionist rhetoric, it would be an opportunity to boost his pro-trade credentials. While Theresa May could use it to show that Britain has trade options beyond the EU. The prospect of a deal with the US could also boost her hand when it comes to bargaining with Brussels over Brexit. But for all the bluster about a quick trade deal, there are several reasons why it won’t be so easy.

First, it’s important to remember that the UK is by far the junior partner in any talks that will take place.