The U.S. economy is estimated to grow by 3.1 percent this year, according to the Federal Reserve’s median rate, followed by 2.5 percent next year and 2 percent in 2020. The Wall Street Journal’s Economic Forecasting Survey of more than 60 economists indicates very similar projections.
With six months and counting before the UK-EU divorce becomes official, Britons understandably are frustrated by the absence of post-Brexit clarity. Genuine concern, lingering misgivings about the referendum, and a series of government missteps have invited justified criticism, but also heaps of hyperbole and fear-mongering from politicians and opinion leaders across the ideological spectrum.
On June 26, European Commission President Jean-Claude Juncker met with President Trump at the White House to talk about trade. Afterwards, to the surprise of many (including me), they held a press conference at which they said positive things about the U.S.-EU trade relationship. Then later, President Trump had five positive tweets about the meeting. It was more amicable than anything we’ve seen in U.S. trade policy for many months.
It wasn’t long ago that Germany’s Angela Merkel was anointed as the last defender of liberal Western values. She was even expected to hold America’s Donald Trump to account. But that vision died with her announcement that she supported prohibiting Muslim women from wearing a “full veil” face covering.
The UK’s vote to leave the European Union (Brexit) has taken the world by surprise. There has been much debate about what it means, if anything, to America. Whatever the outcome, which will not be known for years, it shouldn’t undermine America’s resolve to grow exports and expand our global leadership.
Last month’s vote by the United Kingdom to leave the European Union gives control over trade policy back to British officials, who are now faced with the difficult task of creating new domestic institutions and formulating trade and other international economic policies. Some of their immediate work is obvious.
British voters delivered a shock to global markets on June 23rd. with their 52-48 percent vote to leave the European Union. When the turmoil subsides, more sober-minded Brits may come to regret their decision to abandon their four-decade membership in the continental-sized common market.
The NATO-Russia Council met in Brussels for the first time in nearly two years. “We are not afraid of dialogue,” announced alliance Secretary-General Jens Stoltenberg. Alas, the talks didn’t get very far. Afterward he explained: “it was reconfirmed that we disagree on the facts, on the narrative and the responsibilities in and around Ukraine.” Indeed, he added, “there were profound disagreements.”
American voters face a dizzying array of 2016 presidential candidates — 21 at last count. Their positions on economic issues likely will command voters’ greatest interest. Historically, unless the country is at war, foreign policy has not been an issue of great interest during presidential elections. But this time may be different as two critical issues weigh on the minds of many Americans.
After a bruising political battle, Congress has passed Trade Promotion Authority legislation, which sets out a framework for President Obama to negotiate trade agreements and have Congress vote yes or no on them, without any amendments. First up in the queue will almost certainly be the Trans-Pacific Partnership (TPP), a 12 nation trade pact that has been under negotiation for the past few years, and is almost complete.
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