Why the U.S.-Britain Trade Deal is Not What You Think
Don’t Be Fooled by the U.S.-Britain Trade Deal! There’s No Real Deal Yet!
Okay, so I’m hearing things about a trade deal with Britain, and everyone seems to think the trade wars are over. Let me tell you right now, that’s not even close to the truth. This is exactly what I want to talk about today: you can’t just take things at face value, at least from the Trump administration.
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First off, there is no actual agreement or trade deal with Britain. This whole thing reminds me of those vague “plans” President Trump kept mentioning during the debate with former Vice President Kamala Harris. The “concepts of a plan.”
Think of it this way: are you in the market for a Bentley? Probably not. So, the fact that tariffs on them supposedly went down from 27.5% to 10% doesn’t impact your life one bit. And get this, we’re only talking about 2% of the total imports the US deals with. So, this “deal” the Trump administration is talking about it’s nonexistent.
Note: This transcript was edited for clarity. In the original YouTube video, I referenced Rolls-Royce. But it’s Bentley. Since most of us can’t afford either one, I consider it the same difference.
Lying Overshadows the Truth. It Won’t Get Any Better with the Lies Surrounding Trade Deals
History is repeating itself. I remember during the first Trump administration, I was watching the news and saw all those Republicans, including President Trump, standing in the Rose Garden, claiming they’d gotten rid of Obamacare. I was floored!
How could they have gotten rid of the Affordable Care Act, something so complex, so easily, and legally? This was before President Trump’s obsession with Executive Orders, and I was genuinely confused. Then I realized the only thing Republicans did was move the resolution forward to the House and then the Senate. They didn’t do anything concrete.
Of course, President Trump is the same person who claimed he’d completed the wall, which he absolutely has not. He stood in front of a section of the wall (which, by the way, Mexico was supposed to pay for – has anyone seen that check? Maybe it’s lost with my stimulus check! I’ll have to launch a full investigation into that one) and said, “Look, I’m building the wall! Here’s proof!”
Except, President Trump wasn’t standing behind a newly built wall. He was standing in a section that former President George W. Bush’s administration had already set up and was likely undergoing repairs.
In reality, it’s nothing more than an agreement to try to reach an agreement. Which means nothing. Anything short of that is just talk. It’s not real until it’s down in black and white, signed and sealed.
The reason I’m stressing this is because I don’t want people to get confused and think things are back to normal, that they can go buy that new TV now. No, you can’t! First of all, this supposed deal is with Britain, and the trade issues we need to fix are with China. So, whatever tariff adjustments happened with Bentley have zero impact on the price of that TV or computer you’re eyeing. And we can forget about the price of eggs and the continuing lie that gas is down to $1.98 per gallon.
But let’s go deeper. These things don’t happen overnight. The only comparison I can think of is divorce cases. You call your lawyer, thinking you’re almost done. “Oh yeah,” they say, “we just need to go to mediation, hash out a few more things, and we’ll be done.”
You go into mediation, maybe 80-90% of the details are sorted – custody, the house, debts. Then, everyone reviews the agreement, and BAM! Someone forgot a crucial detail. The mediator goes back and forth between the parties, and suddenly, that last 10% takes eight hours!
Great for lawyers, easy money, but that’s the reality. You weren’t “there” until every single detail was ironed out. And there are plenty of times when tempers flare, and someone walks out, and getting them back to the table is like herding cats.
Now, that’s just a standard divorce. What about something as complex as global trade, something that affects the entire global economy? Do you really think we’re going to hammer out 100 deals in 100 days? We haven’t even seen one real deal yet, despite what Peter Navarro has been saying. We are nearing 60 days of zero trade deals?
Saying we’ve agreed to sit down and hopefully work out a deal is not a deal; it’s a negotiation. You haven’t bought that car until you sign on the dotted line, get the keys, and drive it off the lot. And even then, sometimes they call you back saying there’s an issue!
That’s why I don’t want misinformation spreading. Just like when I heard about Obamacare being repealed, I was genuinely baffled until I found out it wasn’t true. That’s my concern here. You have to be informed. I can’t say it enough: do your research.
If you read that there’s a deal, don’t just jump to conclusions and repeat it to everyone. No, there isn’t a deal; there’s the beginning of a potential deal. It’s like being in mediation during a divorce. You might be close, but you’re in mediation for a reason: you haven’t reached that final agreement yet.
A real deal gets signed without mediation. Lawyers exchange copies, get them notarized with their clients, and that’s it. That’s not what’s happening here. We might have some drafted points, but even those haven’t been finalized. And again, as to the Bentley, the economy is not dependent on the price of a Bentley. So, it means absolutely nothing to most of us.
This is the problem: it’s misinformation, and by the time it spreads online, it becomes disinformation. So, the only thing I can tell you is to always dig deeper. Look into the specifics: what was actually done? What’s on paper? What was signed? The answer right now is: nothing substantial.
Trade deals typically have a two-year turnaround to resolve these issues with China. Think about that. What’s going to happen in the next two years if it takes that long? The economy is already shaky. The Great Recession will look like a Disney movie compared to what could be coming.
Being Prepared Means Being Informed!
So, be informed. Be prepared. Don’t believe everything you hear, especially from the Trump administration. Whether you’re a supporter or not, the fact is, there’s a well-documented history of misleading statements. And just as you wouldn’t blindly believe everything a non-supporter says, apply the same critical thinking here. If you fall for the “we have a deal” narrative when we don’t, it’s your money on the line.
These tariffs could easily add thousands of dollars to your annual expenses, leading to significant debt over a few years, just because you weren’t paying attention.
So, there’s no deal. Be prepared. I’m concerned about what we’ll see financially come June if nothing changes. We’re already seeing ships arriving at ports half empty. While big retailers like Walmart might have stockpiled inventory, what happens when consumers realize prices are going up and start panic buying? Those shelves will empty quickly.
Unless a major deal materializes – and even though President Trump mentioned lowering tariffs to 80%, which is still ridiculously high – just his saying it doesn’t mean it will happen. We know that by now. It seems like he might be caving because of reports that President Xi hasn’t even picked up the phone to call President Trump.
As the country potentially heads into a panic in the next couple of weeks, take a hard look at your financial situation and make informed decisions. We have July 4th coming up, and guess where fireworks come from? Barbecues are getting expensive. Maybe you’ll have to scale back your gatherings. These are the small adjustments we might all need to make to prepare for what’s coming.
On a personal note, I’m concerned about FEMA and the home insurance crisis in Florida. Having dealt with reluctant insurance companies before, I’m actually getting an appraisal done on my property, even though I don’t want the additional expense. Why? Because I need to be prepared. It’s why I keep arguing it’s not one size fits all. Everyone has a unique financial situation.
- FEMA vs SBA: Know Your Disaster Aid Options
- Trump Denies North Carolina FEMA
- Tips for Getting Reimbursements Post-Hurricane
- Protect Your Rights: Act of God in Natural Disasters
It’s the responsible thing to do, so I can be financially prepared in case there are damages to my home, and my insurance company tries to lowball me. Everyone’s situation is different. Analyze yours and act accordingly.
Colleges and universities can purchase my bankruptcy law textbook directly from Routledge Publishing. Paralegals and students who are buying single copies can do so via Amazon Books. To access my YouTube channel, click this link. You can also listen to my podcast on Spotify.
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