Editor: Johnathan Meyers | Tactical Investor
Theresa May Seeks to Reinforce Ties with New Partners Amid Economic Uncertainty Post-Brexit
As the economic consequences of Brexit sink in, the British government under Prime Minister Theresa May is seeking to reinforce ties with both old and new partners outside Europe. With a focus on boosting trade, Prime Minister Theresa May planned an early trip to China, even before her controversial visit to the White House.
Prime Minister Theresa May was the first foreign leader to meet US President Donald Trump after his inauguration and secured his commitment to the NATO alliance. However, Trump’s subsequent travel ban announcement provoked an outcry in Britain and elsewhere. Prime Minister Theresa May’s somewhat lukewarm concession to Trump’s critics knocked the shine off her White House visit.
Since returning home, almost 2 million people have signed a petition opposing Trump’s state visit to the UK. State visits typically include a meeting with Queen Elizabeth, but the petitioners argued that such a meeting “would cause embarrassment to Her Majesty.”
As the Prime Minister Theresa May government seeks to reinforce ties with new partners outside Europe, trade remains a key focus, with hopes for strengthening economic relations with China and other Asian countries.
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The European Union’s trade policy will involve some tough negotiations
While the Trump administration’s America has taken a bully approach to the global trading system, the European Union has been the finger-wagging school prefect, calling for fair play. As the world’s second-largest exporter of goods and the biggest exporter of services, the EU has a significant stake in preserving order in the trading system.
Enter Phil Hogan, the EU’s trade commissioner since December 2019. While the EU is still a stickler for rules and multilateralism, Hogan wants to take a more assertive and aggressive stance. “We have to stand up for our rights more assertively and aggressively, in my view,” he tells The Economist.
As a trade war rages between the US and China, the EU has suggested a rules-based solution. When the Trump administration wrecked the dispute-solving system at the World Trade Organization (WTO), the EU led the search for a fix. With Hogan at the helm, the EU is taking a stronger stance in trade disputes, determined to preserve its interests and defend the rules-based trading system. Full Story
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