Sobering dose of realism from the Economist as Theresa May prepares to kiss the feet of the new Emperor.
In trade negotiations, size matters. Larger economies can stipulate terms that suit them. Britain, an economy of 60m people, has much less leverage in trade talks than the EU, a market of 500m, or the United States, one of 300m. Mr Trump may promise an agreement “very quickly” and to show other countries that it is safe to leave the EU by giving Britain generous treatment. But more than anything else he is an America First deal-wrangler who knows he has the upper hand. A rushed agreement could see the National Health Service opened up to American firms and environmental and food standards diluted (think hormone-treated beef). Such concessions could upset British voters, who backed Brexit partly because Leavers said it would help the country’s health-care system. They would also frustrate a trade deal with the EU, a much more important export destination.
The curious thing is that Brexit was supposed to be about “taking back control”: immunising the country from foreign whim and interest, while asserting national dignity and independence. Increasingly that looks like a bad joke.