Quote (Thor123422 @ 31 Jan 2020 19:14)
Should have said "either fails to get a trade deal or gets significantly worse trade deals than previously with its old trade partners"
There's really no reason anybody should give them the same terms they had before, they just don't have nearly as much leverage, so I expect them to get absolutely necessary deals with worse terms, and negotiate over longer terms for less necessary deals still getting worse terms.
You're right about leverage, but that's a very one-dimensional view on trade deals. Generally speaking, the more the strengths and weaknesses of the two sides complement each other, the more advantageous a trade deal can be for both sides. A small country with a well-defined economic profile like the UK might be able to find more fitting partners and negotiate agreements which are more tailored to its needs than a heterogeneous bloc like the EU.
To name an example for the complications that size can introduce in such negotiations, look at the EU-Mercosur trade agreement which was finalized in June 2019. Germany with its economy focused around industrial products was very keen on this trade deal because it would have opened up new sales markets for its cars, engines, pharmaceuticals etc. France, on the other hand, has a strong agricultural sector which feared increased competition from South American products under this agreement. So when the Amazon wildfires became a big international story, French president Macron used this as an excuse to give in to pressure from his country's farmers lobby and stall the ratification process. Then, in January 2020, Austria (which also has a stronger agricultural sector) officially vetoed the agreement and demanded renegotiations. Ireland has also voiced strong concerns, so the whole agreement seems dead in the water for the time being.
In the case of the UK specifically, they have to import a significant share of their food while Trump is desperately looking for a sales market that can replace China for his struggling farmers. So that's a good fit, and might be a good starting point for US-UK negotiations.
This post was edited by Black XistenZ on Jan 31 2020 01:49pm