UK-US trade talks to resume today - BBH

Analysts at BBH point out that the UK-US trade talks continue today, but there is less here than meets the eye.  

Key Quotes

“First, the UK cannot make any agreements while it is still a member of the EU, and this is not going to change for 18 months (at least).  Second, a new trade deal with the EU may limit what the UK can offer the US.  Third, the UK enjoys a trade surplus (merchandise and services) with the US.  This runs smack into the US administration's "America First" thrust and its drive to reduce the US trade deficit.”  

“The UK reports its first look at Q2 GDP tomorrow.  A lackluster 0.3% expansion is expected to have followed the 0.2% pace in Q1.  This is a marked slowdown after of the average quarterly expansion of 0.6% over the previous three-quarters.  The year-over-year pace may slow to 1.7% from 2.0%.  The IMF's new forecasts trimmed this year's expectation to 1.7% from 1.8%.”