Brexit could curb US exports to Great Britain

By PoliticsFOXBusiness

Impact of Brexit on global trade

Institute of Economic Affairs Director General Mark Littlewood on Brexit's impact on U.K. trade with Europe and the U.S.

Just as the U.K. begins to pave the way for an exit from the European Union, Mark Littlewood, director general of the Institute of Economic Affairs, says if there is not a clean break from the EU, U.S. products could become illegal on the British market.

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“Staying in close regulatory alignment with the EU will make it difficult, if not impossible, to strike a free trade deal with the U.S.,” he said Thursday on FOX Business’ “Mornings with Maria.”

Littlewood added falling back on World Trade Organization rules weren’t “disastrous” but also not “optimal.”

He said that it would more beneficial for Britain to make bilateral trade agreements with the U.S.

“We’ve been too obsessed about what the divorce settlement with the U.S. is going to be,” he said. “Equally important is what our new relationships are going to be.”

Prime Minister Theresa May’s plan for Brexit remains unclear, but a meeting with top members of her cabinet on the Brexit Subcommittee Thursday may provide more insight into the U.K.’s “Brexit day” plans.

“At the moment she’s been balancing both sides and that’s not a strategy; that’s just a mode of political survival,” Littlewood added.

Even so, May’s fate as prime minister, could be decided by the cabinet talks, Littlewood said.

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