In Brexit Crisis, Trump Is Abandoning U.K. and EU - The Atlantic - 0 views
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Now the British are well and truly stuck. Under present EU rules, they cannot simply give up Brexit after having formally initiated the departure process. They would now legally have to apply for readmission to the European Union—and as a newly admitted state, they would theoretically be obliged to submit to the Euro currency and to the Schengen rules on free movement of labor. The pre-Brexit U.K. had been exempt from those rules
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it’s not just Britain that is the loser. Brexit, along with Trump’s trade war, is jolting the world economy, frightening financial markets, and edging us all closer to the next global recession. Trump’s big deficit-financed tax cuts have pushed the U.S. into deficits as deep as those incurred to fight the Iraq war. The most powerful anti-recession stimulus available is freer trade.
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By now, the U.K. and EU alike would likely welcome a face-saving compromise—one that spares the U.K. the humiliation of asking to be released from the exit process it triggered, one that protects the EU from the disruption of losing its most economically dynamic and militarily capable member state. The EU's own rules offer no obvious off-ramp from the looming crunch—but American help and American pressure might possibly construct such an off-ramp just in time.
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