Market

Johnson Brexit protocol rewrite US trade deal fear

The United States has warned the planned free trade alliance with the UK is at risk, and salmon exporters fear devastating consequences of a trade war 
with the European Union on the horizon.

This is nothing to do with the coronavirus pandemic, Russia’s invasion of Ukraine, or the energy crisis. This is as a direct result of the collapse of Boris Johnson’s Brexit deal which is being strained to breaking at pinch points the Prime Minster said were under control.

The UK is imperilling existing and future export markets that are critical to Scotland’s economy, with the burning of the North American boats set to be next.

The country exports food and drink, of course, but the majority of the £5.5 billion of US exports are related to engineering and advanced manufacturing.

A good trade relationship is important to us.

The Brexit need for allowing border checks without a physical border has led to port checks in Northern Ireland but unionists claim placing this effective border over the Irish Sea undermines Northern Ireland’s UK position.

As Mr Johnson seeks to appease by going back on his word, US House Speaker Nancy Pelosi has unceremoniously slapped him down with a direct threat of withdrawing the free trade agreement with which he hoped to shore up some of the shortfall he created when the UK ended its free trade alliance with the EU.

She wrote on Twitter: “As I have stated in my conversations with 
the Prime Minister, the Foreign Secretary & Members of the House of Commons, if the United Kingdom chooses to undermine the Good Friday Accords, the Congress cannot & will not support a bilateral free trade agreement with the UK.”

She also said: “It is deeply concerning that the United Kingdom now seeks to unilaterally discard the Northern Ireland Protocol, which preserves the important progress and stability forged by the accords.”

 

 

Former Brexit minister Lord Frost said: “The Northern Ireland Protocol undermines the Good Friday Agreement, and people who can’t see that shouldn’t be commenting.”

The US was a key partner in securing the Good Friday Agreement, which has helped maintain stability on the island.

Elsewhere this week, business editor Ian McConnell says in his Called To Account column that Ferguson Marine signals “Scottish goldfish bowl politicians might not be grown-up enough” to handle large-scale investment portfolios.

He writes that leading global fund manager James Anderson recently highlighted his belief that a very large state investment fund in Scotland, matched with private sector money, could enable the nation to achieve major successes.

Deputy business editor Scott Wright highlights in his column this week that there are fears of a slew of bar and restaurant failures across Scotland

Labour shortages, supply-chain disruption and the fall-out from Russia’s war in Ukraine are driving up costs at precisely the same time as consumers are facing a cost of living crisis, with inflation running at a rate not seen for decades.

Also this week, business leaders have said companies that achieve net zero should benefit from a lower corporation tax rate than those that have not achieved that target, Mark Williamson writes.



Source link

Leave a Reply

Your email address will not be published.