A Quote by Nicky Morgan
Leaving the E.U. with no deal means Britain would default to World Trade Organisation rules with our biggest trading partner.
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If you trade with someone and they are your biggest trading partner, it is impossible you don't have trade issues.
At the moment we are hard-wired into the European markets - 50% of our exports go to Europe - and that has not been good for the UK. So I'm not saying "make Britain entirely dependent on China". I'm saying "let's diversify a bit". When I became chancellor, China was our ninth largest trading partner. This is the world's second biggest economy. China was doing more business with Belgium than it was with Britain.
Managing the relationship with a giant neighbour has been central to our foreign policy for more than a century. Trade and investment, as well as people, have flowed back and forth across the border, and the U.S. is, by far, our biggest trading partner.
We need to remind ourselves that Europe will be our biggest trading partner for the next several decades and probably beyond, so getting the deal with Europe right should be our primary focus.
That means we get other countries to play by our rules. You add up all the countries that we have trade agreements with, we have a surplus with them. You add up the countries we do not have a trade agreement with, that`s where a massive trade deficit comes from. So our goal is to get free trade agreements, and that means we get other countries to play and live by our rules so we can level the playing field.
The US is our largest trading partner and increasing transatlantic trade can help our economies bounce back from the economic challenge posed by coronavirus.
Too many countries that do not play by the free trade rules of the World Trade Organization - including, notably mercantilist China and monopolist Saudi Arabia - have been allowed in, to the detriment of both the WTO and the liberal trading environment it is supposed to sponsor.
Americas largest trade deficit is with China, a nation that enjoys Permanent Normal Trade Relations with the U.S. and ties its currency to the dollar to make it a more competitive trading partner.
Trade is the key to the economic outlook in Britain and the E.U. Many corporate chieftains joined large bank CEOs and the fearmongering IMF to suggest that the E.U. will deal harshly with Britain if it leaves and stop all trade. That's mutually assured destruction - MAD.
I think we woefully failed to connect Britain to the growing Chinese economy in the previous decade, and I have sought to remedy that. China is now the sixth biggest trading partner with the UK. We have attracted now the lion's share of Chinese investment that is going into Europe.
Leaving the E.U. with no trade deal is the worst possible option. It will condemn British exporters to the full range of tariffs and barriers that apply under WTO rules.
Mexico is an important trading partner, it's the number one trading partner for the state of Texas. We have had dealings with them, shared a border with them. We have had our challenges, but at the end of the day we want a good relationship with Mexico.
The last thing a Trump administration plans is a trade war. The issue simply is getting a decent trade deal with each of the major trading partners.
China is our largest trading partner in Asia. The normalization of our relations will create major opportunities for Norwegian businesses and for job creation. We also hope to resume negotiations on a free trade agreement with China.
In my movie, "Death By China," it shows Bill Clinton in 2000 promising that when China got into the World Trade Organization we would be making products here and selling them there, and life would be great. Just the opposite has happened. And here's why this has been so devastating - China went into the World Trade Organization and agreed to play by certain rules. Instead, it's violated these rules. For 15 years, it continues to illegally subsidize its exports.
The message is NAFTA (the North American Free Trade Agreement) is there. NAFTA has helped both our countries enormously. We live up to the terms of NAFTA. We ask you, our best friend and most important trading partner to do the same thing.
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