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The Brexit Hammer: Repercussions for the US and Transatlantic Relations in Times of Corona

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  • Dirk KOHNERT

    (GIGA Institute of African Affairs, Hamburg, Germany)

Abstract

The global revival of economic nationalism and protectionism poses a serious threat to the international foreign trade policy orientation towards principles of a market economy. Popular economic nationalism such as Trumpism, Brexit or the isolation of the Eastern European Visegrád states from immigrants violates fundamental principles of the WTO. Economists agree that Brexit will hurt the UK economy significantly in the medium and long term. In addition, its political and economic effects will damage the US and transatlantic relations. British Prime Minister Boris Johnson, on the other hand, continues to claim that leaving the EU will enable Britain to "take back control". In addition, the socio-economic effects of the Corona crisis on the US, UK, EU and transatlantic relations are devastating. It has far-reaching political, social and economic consequences that go well beyond public health. All partners need each other more than ever to cope with the Covid crisis. Increased transatlantic cooperation to strengthen resilience would also be necessary in closely related areas of international relations and security issues.

Suggested Citation

  • Dirk KOHNERT, 2021. "The Brexit Hammer: Repercussions for the US and Transatlantic Relations in Times of Corona," Theoretical and Practical Research in the Economic Fields, ASERS Publishing, vol. 12(2), pages 67-81.
    • Handle: RePEc:srs:jtpref:v:12:y:2021:i:2:p:67-81
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    References listed on IDEAS

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    1. Rafal Kierzenkowski & Nigel Pain & Elena Rusticelli & Sanne Zwart, 2016. "The Economic Consequences of Brexit: A Taxing Decision," OECD Economic Policy Papers 16, OECD Publishing.
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    More about this item

    JEL classification:

    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F15 - International Economics - - Trade - - - Economic Integration
    • F22 - International Economics - - International Factor Movements and International Business - - - International Migration
    • F52 - International Economics - - International Relations, National Security, and International Political Economy - - - National Security; Economic Nationalism
    • F62 - International Economics - - Economic Impacts of Globalization - - - Macroeconomic Impacts
    • I14 - Health, Education, and Welfare - - Health - - - Health and Inequality
    • N1 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations
    • N40 - Economic History - - Government, War, Law, International Relations, and Regulation - - - General, International, or Comparative
    • O24 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Trade Policy; Factor Movement; Foreign Exchange Policy
    • O5 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies
    • Z1 - Other Special Topics - - Cultural Economics

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