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Tricky Trump trade deal

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Not so fast. That’s the message from trade analysts and business leaders after President Donald Trump last week pledged U.K. Prime Minister Theresa May that she could secure a trade deal with the U.S. “very, very quickly.” As Jill Ward and Charlotte Ryan report on Tuesday, America boasts more leverage and negotiating know-how than Britain, meaning the smaller economy may have to give ground in areas such as financial regulation and food standards to land the pact May wants to prove Brexit was worth it. “The U.K. must be absolutely desperate to demonstrate that it’s able to get something from the United States,” said Peter Holmes, an economist at the Trade Policy Observatory. “The U.S. will make demands that even a desperate British government won’t be able to accede to.” Before talks have even started, the first disagreement has emerged: both sides claim to export more than they import from the other. Britain’s statistics office estimates a surplus £37 billion ($47.6 billion) a year …