What Kind of Trade Deal is Trump Expecting to Make With the UK's Theresa May Anyway?

Paul Krugman has a point:

Leaving the insults to his host and the naked racism aside, what kind of trade deal did Trump (and Brexiteers) imagine the US might offer? Our average tariff on manufactured goods is only 2 percent https://t.co/x9Cu6Lg9Fu 1/ pic.twitter.com/fWGPGSAOav

— Paul Krugman (@paulkrugman) July 13, 2018

So moving to totally free trade would be only a trivial gain. An EU-type customs union would do more, but is hard to imagine -- plus of limited value because we are, um, on the other side of the Atlantic 2/ https://t.co/JHt1bvwgB5

— Paul Krugman (@paulkrugman) July 13, 2018

Basically it was always silly to think that a deal with the US could matter much relative to Brexit. So Trump's angry declaration that it's off means that he's punishing May by taking away nothing of value 3/

— Paul Krugman (@paulkrugman) July 13, 2018

-RW