The long running trade deal discussions between the US and the European Union have broken down according to diplomats.
The Transatlantic Trade and Investment Partnership (TTIP) was meant to be the biggest and best trade pact ever.
At the start, diplomats predicted the deal would boost Europe’s economy by 120 billion euros.
Guaranteeing the US access to the European single market and EU countries benefits for selling to America, the talks have dragged on for three years.
Along the way, chinks of hope have shone out, but basically, President Barack Obama’s Washington government and the EU negotiators have been poles apart and failed to agree one of any of the 27 separate chapters of the treaty.
Although the US suggests the treaty is on hold rather than dead, citing how Brexit will affect an agreement and how a partner transpacific deal is progressing as reasons for delay.
Fit of pique
However German vice-chancellor Sigmar Gabriel has announced the talks have failed.
Obama has already pledged Britain would go to the back of the treaty queue after Brexit and some EU members – notably France – have rattled their sabres in a fit of pique that anyone should desire to leave the bloc.
TTIP could be a warning of what’s to come for the UK and trade relationships with the US and EU.
Europe complains the talks have failed because the US wanted an agreement on their terms.
French President Francois Hollande complains a deal would allow big US corporations easier access to farming and film markets in Europe, while TTIP opponents in Germany fear environmental standards and job would suffer once the ink is dry on a treaty.
Trade barriers
US Presidential candidates Donald Trump and Hillary Clinton both want to pull TTIP.
Trump wants more trade barriers for the US, while Clinton has pledged to cancel TTIP if she wins the race to The Whitehouse.
TTIP shows how tough negotiating treaties really is.
Britain is building a team of 300 Brexit negotiators but may need many more to handle talks with trade partners in Asia and the Americas.
The Article 50 ‘Get Britain Out of Here’ button triggering the Brexit uncoupling from Europe lays out a two-year separation before final divorce from the EU, but this may not be long enough.
