Biden Warns of Brexit Impact on Chances of U.K.-U.S. Trade Deal By Bloomberg

Biden Warns of Brexit Impact on Chances of U.K.-U.S. Trade


Biden Warns of Brexit Impact on Chances of U.K.-U.S. Trade Deal

(Bloomberg) — Democratic presidential nominee Joe Biden said a U.K.-U.S. trade agreement depends on the continued respect for the Northern Ireland peace process, a warning to Boris Johnson as he moves to break international law over Brexit and the province.

“We can’t allow the Good Friday Agreement that brought peace to Northern Ireland to become a casualty of Brexit,” Biden said on Twitter. “Any trade deal between the U.S. and U.K. must be contingent upon respect for the Agreement and preventing the return of a hard border. Period.”

Biden’s intervention shows how Johnson’s proposal to unilaterally override the Brexit divorce treaty signed with the EU is having international repercussions, and making a transatlantic free-trade agreement politically more tricky. Biden shared a strongly-worded letter signed by four senior members of Congress, which urged Johnson to “abandon any and all legally questionable and unfair efforts” to breach its agreement with the EU.

“The United States Congress will not support any free trade agreement between the United States and the United Kingdom if the United Kingdom fails to preserve the gains of the Good Friday Agreement and broader peace process,” the letter said. “If these reported plans were to go forward, it would be difficult to see how these conditions could be met.”

What Trump, Johnson Want From U.S.-U.K. Trade Deal: QuickTake

Nevertheless, at a press conference with Britain’s foreign secretary, Dominic Raab, on Wednesday in Washington, U.S. Secretary of State Mike Pompeo said trade talks with the U.K. were progressing well. He also said he backed the U.K. as a trustworthy partner, despite the row over Johnson’s plan to rip up the Brexit deal.

“I am confident they’ll get it right,” Pompeo said. “We know the complexity of the situation.”

The British government hasn’t put a firm timetable on securing a free-trade agreement with the U.S., which has been touted as a key post-Brexit prize. The U.S. is already the largest destination for British exports outside the EU, and trade between the two countries amounted to $270 billion in 2019. A free-trade agreement with the U.S. would be expected to boost Britain’s GDP by 0.16% over the long run, according to a U.K. government estimate published in March.

©2020 Bloomberg L.P.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Source link

Bloomberg


Leave a Reply

Your email address will not be published. Required fields are marked *


About us

InvestLab is a financial services technology company focused on the global trading market. Founded in 2010 in Hong Kong, the company develops trading, market data, and social research products that enable individual investors and small to mid-size brokers to access global markets. We provide brokers and financial institutions cross border capabilities for retail investors into 43 markets globally.


CONTACT US

CALL US ANYTIME