Brexit is a bad omen for world commerce

WaPo via Standard Examiner ^ | June 25th, 2016 | Jim Tankersley

[Mariner]

The economic story of the past quarter-century was the rapid advance of globalization, the unleashing of trade and commerce among countries rich and poor - a McDonald’s in every European capital, “Made in China” labels throughout Toys R Us. The Brexit vote on Thursday ends that story, at least in its current volume. Voters will soon tell us what sort of sequel they’d prefer.

A slowdown in trade growth has already gripped the globe over the past several years, according to data from the World Trade Organization. Prospects now look bleak for completion of major new trade agreements, including the Trans-Pacific Partnership and a new accord between the United States and the European Union, no matter who wins the U.S. presidential election in November.

Political factions in other European countries are clamoring to follow Britain out the door of the European Union. Republican presidential candidate Donald Trump is promising to levy the highest set of tariffs in the past century for America against China, Mexico and other key trading partners. His presumptive Democratic opponent, Hillary Clinton, has vowed to renegotiate existing deals such as the North American Free Trade Agreement.

These developments come at the hands of an anxious working class across the West, whose members feel left in the cold by many developments of the rapid integration of foreign products and people into their lives.

[Ophiucus]

https://youtu.be/rJcuKfcxo9w

There’s one source, a MEP.

Sure, you could trade with France but India? China? Not without EU permission. Not if a special interest in Greece objected to your British business.

It’s like breathing about how wonderful it is to have a business in Delaware and how you can sell stuff in New Jersey anytime you want but being locked out of Asia because a potato farmer in Idaho doesn’t want you to. That’s the EU set up.