CNN: Post-Brexit UK-US Trade

Every step in Brexit negotiations and new procedures creates winners and losers for industries and workers throughout Europe, the United Kingdom and beyond. Members of the European Union reached draft agreement with the government of UK Prime Minister Theresa May, and the UK Parliament’s approval is now required. “Under the draft agreement, the UK will stay inside the bloc's single market and remain subject to EU laws and regulations until the end of December 2020 while the two sides attempt to iron out a new trade relationship,” reports CNN. “During this period, all existing EU ‘regulatory, budgetary, supervisory, judiciary and enforcement instruments and structures"’ will continue to apply within the UK, including rulings made in the Court of Justice of the EU.” Because so many parties have stakes in the deal and unanimous approval is required among 27 UK members, May has warned that revisions are unlikely. Donald Trump – who supported Brexit as a presidential candidate – expressed concern about limits on the United Kingdom’s ability to make an independent trade deal with the United States. All parties must prepare to handle immense uncertainty if parliament rejects the agreement and if an EU court decides that the UK cannot unilaterally change its mind on Brexit. – YaleGlobal