Peter Mandelson has finally acknowledged a crucial Brexit benefit - just as Donald Trump imposed a 30 per cent tariff on goods imported from the EU.
Mandelson, the British ambassador to the US and staunch Remainer, was forced to admit that the UK would not have been able to seal a trade deal with America if it was still locked to the Brussels bloc.
Asked directly whether the deal was a Brexit benefit, the Labour grandee said: "That's a good question."
He went on to admit: "Undoubtedly, we couldn't have done this deal if we had remained part of the European Union.
"We lost many other things by leaving, but we get the chance to do this deal. So there's some positives."
'We couldn't have done this deal if we had remained part of the European Union,' Lord Mandelson admitted
GETTY
Lord Mandelson, speaking to The Times as he hailed a major automobiles transatlantic trade deal, also warned that Trump's universal 10 per cent tariff "is here to stay", however.
He did hint that there is "plenty of scope in different sectors", and is said to be pushing for a technology deal.
And when the current deal was signed, both Trump and Sir Keir Starmer suggested that more negotiations were needed to reduce tariffs on steel.
Britain has now missed a July 9 deadline to secure a deal protecting UK steel from US tariffs.
Just two days before that, Downing Street said: "Our work with the US continues to get this deal implemented as soon as possible.
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When the current deal was signed, both Trump and Sir Keir Starmer suggested that more negotiations were needed to reduce tariffs on steel
REUTERS"That will remove the 25 per cent tariff on UK steel and aluminium, making us the only country in the world to have tariffs removed on these products.
"The US agreed to remove tariffs on these products as part of our agreement on May 8. It reiterated that again at the G7 last month. The discussions continue, and will continue to do so."
The steel industry now faces the threat of tariffs potentially doubling from the current 25 per cent rate to 50 per cent.
But Britain could still dodge them after Trump's Commerce Secretary Howard Lutnick confirmed that the new rates will take effect on August 1.
Howard Lutnick (right) confirmed that the new rates will take effect on August 1
REUTERS
Following Trump's letter to the EU on Saturday, European Commission boss Ursula von der Leyen said the tariffs "would disrupt essential transatlantic supply chains, to the detriment of businesses, consumers and patients on both sides of the Atlantic."
She also said while Brussels will continue to work towards a trade agreement, it "will take all necessary steps to safeguard EU interests, including the adoption of proportionate countermeasures if required".
Britain would avoid any kind of US-EU trade war - though in May, Mandelson claimed that edging closer to the bloc and following EU rules would benefit Britain - and attacked the "fetish of dis-alignment" displayed by Brexiteers.
"Why make a fetish of dis-alignment when we know that it's in the interests of our business and traders to pursue and to follow those rules and standards," the ambassador told attendees at an Atlantic Council event.