• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

2

Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic

3

Ikea’s billionaire founder was so frugal that he bought clothes from flea markets and took free salt and pepper from restaurants

1

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

2

Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic

3

Ikea’s billionaire founder was so frugal that he bought clothes from flea markets and took free salt and pepper from restaurants
LeadershipUK

What Donald Trump and Theresa May Can Agree on Trade

By
Geoffrey Smith
Geoffrey Smith
Down Arrow Button Icon
By
Geoffrey Smith
Geoffrey Smith
Down Arrow Button Icon
January 26, 2017, 11:39 AM ET
Add Fortune on Google for similar content.

British Prime Minister Theresa May flew into the U.S. for a two-day visit Thursday, hoping to receive the blessing of the new leader of the free world for her vision of a U.K. outside the European Union.

With President Donald Trump already on the record as praising ‘Brexit’ and promising a deal on trade “very quickly”, she’s already assured a warm welcome in the White House. And like any British Prime Minister of the last 70 years, she’ll be anxious to talk up traditional ties of language, values, trade and investment to demonstrate closeness with the U.S.

Clarity on a future trade deal is highly unlikely at this stage — but right now, both sides might be happy just to create some positive mood music.

“It’s politically very beneficial on two fronts,” said Rem Korteweg, a trade expert at the London-based Center for European Reform. “It works for Trump in that it shows he’s not anti-trade and not protectionist, and…it’s in the British interest right now to show that it has a hedge in Washington, whoever’s in the White House.”

Leaving the EU and its Single Market threatens to leave the U.K. more dependent on good trade terms with the U.S. than at any time in the last 45 years. Fortunately for May, she has at least three things going in her favor.

Firstly, and most importantly, there is Trump’s wholehearted support for Brexit. Indeed, he may support it more sincerely than May, who campaigned against leaving back in the first half of last year. “I thought the U.K. was smart in getting out,” Trump told The Times of London in an interview at the weekend. “I think Brexit is going to end up being a great thing.”

Secondly, May has an extensive and, until the dollar’s sharp appreciation last year, essentially balanced network of existing trade and investment ties to build on: the U.S.’s annual deficit on goods and services with Britain averaged a comparatively small £27 billion ($35 billion at today’s rates) over the decade to 2015, compared with $367 billion for China and $60 billion for Mexico last year.

Thirdly, neither side has hangups about the primacy of national security in the debate over data retention and privacy. May pushed through the most sweeping surveillance powers in any major Western democracy last year. “U.K. – U.S. pragmatism can offer a path that is globally compelling for the sustainable deployment of data-driven technologies,” according to British-American Business Council CEO Jeffries Briginshaw.

May’s big problem, says CER’s Korteweg, is the same one she will have the world over as she tries to build a new network of trade ties for “Global Britain”: no-one will talk turkey with her on post-Brexit trade arrangements until they know what the U.K.’s final arrangements with the EU will look like. And, as with her EU dealings, the relative weight of the two economies stacks the cards against her. The U.S. economy is over six times bigger than Britain’s.

U.S. companies have invested over £253 billion ($315 billion at current exchange rates) in the U.K., but much of that has been predicated on the assumption that being based in the U.K. ensured access to a Single Market of nearly 500 million people. May confirmed last week that the U.K. will leave that Single Market and try to renegotiate access from scratch. That triggered a flurry of reports about U.S. banks, in particular, relocating operations out of London to other European centers.

“Can you imagine the U.S. Trade Representative agreeing to anything before it has clarity on the value of the U.K. market?” says Korteweg.

It will cost neither Trump nor May anything to defend the current baseline Friday, with a promise that whatever the U.K. agrees with the EU over the next two years, both sides will continue to have at least the same trading rights that they enjoy today. But building on them will be a conversation for another day.

About the Author
By Geoffrey Smith
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Leadership

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Leadership

g
AIunemployment
One of the Democratic Party’s brightest stars is co-founding a group to help with the coming AI jobs earthquake
By Josh Boak and The Associated PressJune 25, 2026
6 hours ago
merlin
North AmericaWorld Cup
Merlin the Duck was allowed inside Mexico City’s Azteca Stadium, but only to film a commercial
By Nayara Batschke and The Associated PressJune 25, 2026
7 hours ago
ken
Future of Workphilanthropy
Ken Griffin celebrates America’s 250th birthday with $26 million gift for new Roosevelt Library built into the Badlands
By Nick LichtenbergJune 25, 2026
7 hours ago
Larry Ellison quietly gave $45 million to a pro-Trump group—then Oracle landed a starring role in a $500 billion AI buildout
PoliticsLarry Ellison
Larry Ellison quietly gave $45 million to a pro-Trump group—then Oracle landed a starring role in a $500 billion AI buildout
By Sydney LakeJune 25, 2026
12 hours ago
Students happy outside of school
SuccessColleges and Universities
One U.S. college is fixing tuition at just 10% of parental income: ‘We’re not hiding the cost of college behind secret formulas’
By Emma BurleighJune 25, 2026
13 hours ago
Sundar Pichai
SuccessCareers
Google CEO tells graduates to stop obsessing over first jobs because ‘very few moments are make or break’ in life—a lesson he learned in Vegas
By Preston ForeJune 25, 2026
14 hours ago

Most Popular

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
Success
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
By Sydney LakeJune 25, 2026
21 hours ago
Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic
Success
Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic
By Orianna Rosa RoyleJune 24, 2026
2 days ago
Ikea’s billionaire founder was so frugal that he bought clothes from flea markets and took free salt and pepper from restaurants
Success
Ikea’s billionaire founder was so frugal that he bought clothes from flea markets and took free salt and pepper from restaurants
By Orianna Rosa RoyleJune 25, 2026
21 hours ago
Current price of silver as of Thursday, June 25, 2026
Personal Finance
Current price of silver as of Thursday, June 25, 2026
By Joseph HostetlerJune 25, 2026
16 hours ago
Current price of oil as of June 25, 2026
Personal Finance
Current price of oil as of June 25, 2026
By Joseph HostetlerJune 25, 2026
16 hours ago
After forcing workers back to the office, Goldman Sachs and JPMorgan Chase are now letting their staff work remotely—but only for the World Cup
Success
After forcing workers back to the office, Goldman Sachs and JPMorgan Chase are now letting their staff work remotely—but only for the World Cup
By Orianna Rosa RoyleJune 23, 2026
3 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.