Wilber Ross, the US secretary of commerce, said that the UK should reject European food safety laws and allow lower tariffs for car imports

Losing free access to Europe’s financial markets would damage Britain’s chances of striking a successful trade agreement with America, the US commerce secretary has warned.

Wilbur Ross described the loss of passporting rights into the European Union, or an equivalent arrangement, as a potential “landmine” in negotiations with Brussels that could set back trade talks with the US.

He called on UK negotiators to reject European food safety laws and allow lower tariffs for car imports to clear the way for a US trade deal.

The American demands underscore the complications of Britain’s position. The US simultaneously wants the UK to retain access to the EU’s financial services market and ditch the rigorous conditions that come with access to its goods and agriculture markets.

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