Syracuse, N. Y. (NCC News) — Technically, Brexit should have taken place last Friday on March 29th, 2019. That was the original deadline set by the United Kingdom and the European Union (E.U.) following a nationwide British referendum in 2016. Since then, British Prime Minister Theresa May has tried, and failed, three times to pass her Brexit deal through the House of Commons.
As the brief extension granted by the E.U. is coming to an end on April 12th, a No-Deal Brexit is becoming increasingly likely. Also known as a Hard Brexit, a No-Deal Brexit would result in a sudden, unregulated separation of the United Kingdom from the E.U.
NCC News Reporter Kelly Murphy spoke to Tod Rutherford, a professor at the Maxwell School of Citizenship at Syracuse University, about the possible ramifications this political drama across the pond could have on the U.S. economy.
According to Rutherford, the United States would feel a significant economic impact despite its physical distance to England, “That obviously means that there could be exports from the United States that would normally be made, that are not gonna get made, so maybe there could be some layoffs or shifts in business by American firms that export to Great Britain.”
On late Tuesday, May announced plans to request another Brexit extension from the E.U. in order to find a bipartisan solution with opposition leader Jeremy Corbyn. Whether the European Union will grant such an extension is yet to be determined.
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(CG: Tod Rutherford)
“That obviously means that there could be exports from the United States that would normally be made, that are not gonna get made, so maybe there could be some layoffs or shifts in business by American firms that export to Great Britain.”
(Track 1)
IN ADDITION TO EXPORTING, THE UNITED STATES HAS ANOTHER RELATIONSHIP WITH THE UNITED KINGDOM. SINCE THE U-K IS THE LARGEST ENGLISH-SPEAKING COUNTRY IN THE E-U, THEY PROVIDE THE U-S WITH A BACKDOOR INTO EUROPEAN POLITICS AND ECONOMICS. RUTHERFORD SAYS THE U-S WILL NOT BE COMPLETELY IN THE DARK WHEN THE U-K LEAVES THE E-U, AS THEIR HISTORY WITH IRISH EMIGRANTS WILL LIKELY BECOME MORE VALUABLE.
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“The Irish link to the United States is in some ways stronger as a cultural one, as an emotive one and maybe now increasingly as an economic and political one. Ireland will probably see an uptick in more investment and trade with the United States.”
(Track 2)
A TOP PRIORITY FOR THE UNITED STATES IS TO MAINTAIN STABILITY WITHIN THE UNITED KINGDOM. THE U-K’S DECISION TO LEAVE THE E-U WAS MADE NEARLY THREE YEARS AGO, LEAVING PEOPLE ANGRY THAT THERE IS STILL NO DEAL. RUTHERFORD SAYS THAT A ‘NO-DEAL’ IS THE WORST CASE SCENARIO FOR THE U-S, AS IT WILL SEEM THAT THERE IS A WEAK DEMOCRACY IN THE U-K, MAKING IT DIFFICULT FOR THE U-S TO ESTABLISH A PRESENCE FOR TRADE AND POLITICS.
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“I think from the U.S. side, a hard Brexit might not be a good thing as far as political instability and economic stability in Britain.”
