Britain bids to reassure US business on Brexit talks

The minister leading Britains effort to negotiate a new relationship with Europe met US business leaders on Friday to reassure them that a trade deal will be found.

London says it wants "the most seamless and frictionless trade possible" with its former partners after leaving the European Union -- and eventually a similar deal with the United States.

But talks have been held up by wrangling over the Brexit divorce bill.

David Davis, Britain's minister for exiting the Union, left Brussels without agreement on Thursday and flew straight to Washington to brief US officials and business executives.

Britain and the United States have close trade and financial ties, but American firms are concerned that a messy or drawn out Brexit could hurt their investments.

Addressing business leaders at the US Chamber of Commerce, Davis admitted the dispute over the Brexit bill was a sticking point, but insisted he remained optimistic.

"There will be tough times, but the trick of it is to remember that at the end of this we want an outcome which is in everybody's interest. This is not a zero sum game," he said.

"What's been going on is that we got to the point today where there has been some pressure over the last few days, pressure over whether we pay a divorce bill and if so what it is."

'Divorce bill'

While Davis' discussions with EU negotiator Michel Barnier have been held behind closed doors, reports suggest the European Union has drawn up a 100-billion-euro Brexit bill.

British officials are said to be arguing for a sum closer to 40 billion, and the debate has got testy.

Britain's trade minister Liam Fox, speaking in Tokyo on Friday, accused Brussels of "blackmailing" London by refusing to talk about trade before the bill is agreed.

Davis refused to comment on Fox's provocative choice of language, promising that he would try to live up to his own reputation in Brussels as a "charming bastard."

But he confirmed that there had been tensions around the table.

"The contention that's been going on the last few days is that the European negotiators are trying to say that we should settle the financial thing first and then trade and other things later," he said.

"And what we've been doing is -- as you do if someone presents you with a large bill -- is going through it line by line," Davis explained.

"And we've got very good lawyers. So it's getting a bit tense, but it's only early stages of this. I rule nothing in and nothing out."

Reacting to reports Britain may pay the bill in stages during a transition period as it leaves the Union, Davis said: "I'm not going to rule it out, it's an idea that's been floating around."

Prime Minister Theresa May's government and President Donald Trump's White House have said that they want to negotiate a rapid free trade deal between Britain and the United States.

Devil in the details

Brussels rules, however, prevent London from negotiating its own international partnerships until it formally leaves the Union, effectively delaying any agreement for at least two years.

But American executives were more keen to question Davis on Brexit itself, amid concerns they may face barriers in moving goods and services between Britain and the EU single market.

Davis made great play of British-US ties and promised London would press to liberalize global exchanges in goods and services, noting that the world financial sector is essentially English-speaking.

But Myron Brilliant, vice president of the Chamber of Commerce, reminded him: "The Devil's often in the details, as well.

"So, while we respect and encourage and support your overall vision, we also want to be partners with you to make sure that our interests are respected in those details," he said.

After his meeting, Davis was to sit down with Deputy Secretary of State John Sullivan then head to the US-Canadian border to study how North American trade works under the NAFTA trade deal.