Both President Donald Trump and British Prime Minister Theresa May expressed an interest in a trade deal when the two met in July. However, Trump's visit came shortly after his explosive interview with British tabloid The Sun in which the president saidMay completely ignored his advice and blasted her plans for Brexit.
"If they do a deal like that, we would be dealing with the European Union instead of dealing with the U.K., so it will probably kill the deal," Trump said about a potential trade agreement between the U.S. and the U.K.
May is under pressure to deliver on the 2016 vote authorizing the U.K.'s exit from the EU. There has been recent political turmoil over her strategy, resulting in the departure of high-level government officials.
Trump later walked back his comments, saying, "Whatever you do is OK with us, just make sure we can trade together."
And in a later interview with British journalist Piers Morgan, Trump said, "We would make a tremendously big deal."
When it comes to the timing of a deal between the two countries, Phillipson said they will work on it for as long as it takes.
However, he added, "We are committed to doing one fast. We've begun the preparations now so that we are ready to go as soon as we've left the EU next March."
Those preparations include a 14-week consultation period on what businesses and consumers want from a deal.
— CNBCs Silvia Amaro contributed to this report.