A possible trade deal with the U.S. will do little to mitigate the impact of Britain leaving the EU without a deal in place, economists have told CNBC.
Both the U.K. and U.S. governments have expressed a desire to forge a partial deal on trade as soon as possible after Britain's anticipated departure from the EU on October 31.
However, such an accord faces significant political hurdles on both sides of the Atlantic, while also falling short of the economic reprieve Britain will need to offset the loss of its existing trade arrangements with the EU, economists have argued.In 2018, the EU accounted for 46% of all U.K. exports, 54% of all imports, and seven of the U.K.
Kallum Pickering, senior economist at Berenberg, told CNBC that given the larger impact on GDP from the quantity of trade with the EU in comparison with the U.S., it is "hard to see how leaving the EU could be offset with a trade deal with the U.S."
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