President Donald Trump and Britain’s new prime minister, Boris Johnson, are already discussing potential trade deals between their respective countries as Britain prepares to leave the European Union on Oct. 31.
“We’re working already on a trade agreement,” said Trump on July 26, after talking with Johnson on the telephone, the BBC reported. “And I think we can do three to four or five times what we’re doing…. [W]ith the UK we could do much, much more trade and we expect to do that.”
So far, there are no details about the trade agreement. No deals can be signed before the UK officially leaves the European Union (EU) because the EU forbids members to negotiate separately, and the United States does not have a trade deal with the EU.
President Trump and Prime Minister Johnson said they would begin formal negotiations right after the UK leaves the EU. The expected date of Brexit is October 31.
According to the BBC, the total trade between the UK and the United States was worth $224.5 billion in 2017, which was 14.6% of the total trade of the UK.
The U.S. Chamber of Commerce said the UK is the 7th largest trading partner for the United States and the 4th largest export destination.
Trump said the UK “needed” Boris Johnson for a long time. “He has what it takes, said the president, as reported by HuffPost.
“I think we can have a great relationship and Boris is going to be a great prime minister,” he said. “I predict he will be a great prime minister.”