In an extraordinary intervention standing alongside David Cameron at the Foreign Office, the US President warned there was no prospect of a deal 'any time soon'.
Mr Obama defended his right to comment on Britain's June 23 poll despite claims from Leave campaigners that he was being 'hypocritical' and had 'double standards'.
The President insisted his remarks, which have been long planned by Mr Cameron's In campaign, were not a 'threat' to Britain.
But the speech enraged campaigners who support Brexit, with Tory MPs immediately warning that drumming up support from foreign presidents was 'not a good look' for Mr Cameron.
Mr Obama said as a 'friend' of Britain he had to be 'honest' about the impact of a Brexit vote.
And he insisted that if Out campaigners would continue to be 'ascribing actions' of the US after Brexit, they should hear from the President.
He said: 'And on that matter, for example, I think it's fair to say that maybe some point down the line there might be a UK-US trade agreement, but it's not going to happen any time soon because our focus is in negotiating with a big bloc, the European Union, to get a trade agreement done.
'The UK is going to be in the back of the queue.'
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