The US and Brexit

Brexit and its immediate aftermath have made headlines for the past couple of months, but it is only just recently that the US government's position on it has started to emerge. Your correspondent sat in on a U.S. Department of Commerce and British American Business webinar for U.S. companies doing business or considering future business in the United Kingdom, with a discussion of the effects of Brexit on their international trade and U.S. trade policy initiatives with Europe.

Key takeaways from the webinar include the U.S. sees Britain remaining an EU member for another two plus years. A suspicion exists that the UK has a lack of experienced trade negotiators since this was an EU responsibility and that this will hamper an already long and complicated process of negotiating market access of UK goods into Europe and other primary markets.  
 
A U.S priority is the Transatlantic Trade and Investment Partnership (T,TIP) with the EU which “will help unlock opportunity for American families, workers, businesses, farmers and ranchers through increased access to European markets for Made-in-America goods and services.”  There is the thought that Brexit means a loss of a similar voice to that of the U.S. in these negotiations.
 
There is recognition that the UK is an important market, is still open for business and is a global economic force. There is concern that American goods are now more expensive in the UK with the devaluation of the Pound, but that devaluation might help UK exports.  
 
The overriding concern for businesses, however, can be summed up in one word – uncertainty.  Uncertainty is a significant risk for business investment and development decisions without the clarity of what rules will be in place and when.

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