Trump's Trade Deal With UK: "Smoke and Mirrors"Posted By Rod Kaufman |
" the 10% tariffs will still result in price increases on British imports, and at this point a rally on the deal is based on “smoke and mirrors,” Andy Abbott, CEO of Atlantic Container Line, which ships between Europe and the U.S., tells CNBC."
"For most U.K. importers, the deal terms disclosed to date would not affect the majority of products, Andy Abbott, CEO of niche ocean liner company Atlantic Container Line, tells CNBC. “A lot of this deal is smoke and mirrors,” Abbott said. “What we heard today is just noise for most U.K. imports. It doesn’t affect the majority of products.”
"For one, he said the U.K. government is not weakening its food standards on meat imports, so any hormone-treated beef from the U.S. “is not on the table.”
"Abbott’s view of the deal’s impact matches that of trade and market experts, such as Josh Lipsky, Atlantic Council senior director, who told CNBC on Thursday that the deal was limited in scope, and a “very small win.”
“Forty days out from ‘Liberation Day’ and the first win is U.S.-U.K. ... it’s not great news,” Lipsky said. He said it’s a win for the U.K. to say it was first to reach a deal, but aside from that, he said the 10% baseline tariffs still in place are a sign that higher tariff rates stay on for longer."
https://www.cnbc.com/2025/05/08/trump-us-uk-trade-deal-import-export-impact.html
"For most U.K. importers, the deal terms disclosed to date would not affect the majority of products, Andy Abbott, CEO of niche ocean liner company Atlantic Container Line, tells CNBC. “A lot of this deal is smoke and mirrors,” Abbott said. “What we heard today is just noise for most U.K. imports. It doesn’t affect the majority of products.”
"For one, he said the U.K. government is not weakening its food standards on meat imports, so any hormone-treated beef from the U.S. “is not on the table.”
"Abbott’s view of the deal’s impact matches that of trade and market experts, such as Josh Lipsky, Atlantic Council senior director, who told CNBC on Thursday that the deal was limited in scope, and a “very small win.”
“Forty days out from ‘Liberation Day’ and the first win is U.S.-U.K. ... it’s not great news,” Lipsky said. He said it’s a win for the U.K. to say it was first to reach a deal, but aside from that, he said the 10% baseline tariffs still in place are a sign that higher tariff rates stay on for longer."
https://www.cnbc.com/2025/05/08/trump-us-uk-trade-deal-import-export-impact.html
