Trump is only partly right. We still hold all the high value cards. And No Deal so called is by far the best deal for the UK. We can continue to trade with the EU27, as well as the rest of the non-EU world, on WTO terms which are far more beneficial to us as a net food importing economy, but also end our annual contribution of £15 billion to the EU budget and other funds as well as keeping the £39 billion ‘divorce bill’ we have no legal obligation to pay. We will be able to set our tariffs and quotas within WTO rules on the whole range of imports at the rates which are most beneficial to the development of each of our home industries as well as our consumers.
The bulk of our economy consists of services and this entire sector and others such as aerospace, another of our world-beating export industries, is tariff-free under WTO rules.
If, in a No Deal scenario, food and other goods imported from the EU become even more expensive than they already are due to tariffs, our consumers will naturally choose to buy more from home producers and non-EU countries. All in all a WTO Brexit is a win-win situation for the UK. Shame about the EU27 countries but following Britain’s lead they may begin to get wise to the real nature of the EU as well.