Some crazy trade lines coming out of the US trip.

(1) we already knew US had downed tools in trade talks with U.K. It was made clear talks were on ice until the NIprotocol was working effectively/no longer a source of tension.

Made post-consent vote before any move likely. 1/x
That’s December 2024. So calm down.

I saw some drafting from talks previous admin. There was a way to go EVEN THEN (several chapters still not agreed) even before Biden took office, even if a deal under Trump was considerably more likely. 2/x google.com/amp/s/www.poli…
As for USMCA (aka the new NAFTA) - a deal which includes Canada and Mexico.

I would ask that people stop working off the logic that bilateral deals with some members means you can easily join a group deal.

Really. Stop. 3/x
Because that’s going to be something we hear a lot of W.CPTPP.

The U.K. struggled to negotiate (because it’s hard!) to get rollovers in place with Canada and Mexico. E.g. replicating the deals.

There’s a huge effort to try and get those improved upon. 4/x
And those are deals the U.K. already has.

At least there’s a route to join CPTPP.

There are not - according to sources - ongoing trade negotiations with the US atm.

And no accession route for USMCA. 5/x
Perhaps questions could be asked about ambitions to join USMCA, when talks that were near to agreement with New Zealand (CPTPP Member!) have hit some pretty sticky problems on market access. 6/ends

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More from @Annaisaac

7 Jun 19
This week we've seen how a trillion pound problem could link a pensioner in Kent to the next global financial crisis and not enough people know about it. I'll be saying unsexy words like pension and liquidity, but bear with me. This is a disaster waiting to happen... 1/thread:
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What's the problem? Asset managers - part of the financial system which has grown rapidly in the last decade - hold trillions of pounds in their funds. But not all of this money is in what's known as liquid assets. You can't quickly sell these investments to generate cash. 3/
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25 Feb 19
So, now the media circus has largely moved out of town, feels like a good time for a thread on Brexit, Swindon, and just how big a hit losing Honda will be. 1/
I know the town, and I was sent to cover the story not of the wider car industry in the UK, but those of the people affected by the job losses. Many voted leave. And guess what: not a single leaver I encountered would change that vote, job loss or no. 2/
One woman whose husband works for a local supplier said she realised that Brexit was a factor in the decision from Honda. But it was about a grander principle than jobs for her family - "For me it was a case of being independent and looking after our own people first." 3/
Read 14 tweets
14 Dec 18
The biggest #Brexit fig you haven't heard of: £45 trillion. This is the value of a bunch of financial contracts - called derivatives. These are at risk because the EU hasn't confirmed they will be recognised after March 2019. UK has. What's a derivative contract? Well...1/thread
Like all contracts it’s a legally enforceable deal. This kind is a way for a company to manage risk. They cover lots of financial areas like bonds, mortgages and currencies. They are often also called futures contracts or swaps. 2/
Here’s a futures eg: I’m need a load of copper two years from now, but I’m worried the price will go up. I buy the option to get several tonnes of the metal in 2021. I agree with another company that I will pay a set value now, and lock it in. I can budget accordingly. 3/
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7 Nov 18
Thread on Trump, trade wars and midterms: Lots of people understandably interested in what the election result might mean for the escalating trade war/US protectionism. Here's what some economists/trade experts/politicos reckon 1/
Firstly, recent headline decisions on trade were made using executive powers. Trade with foreign nations is theoretically in Congress’ scope but much of that power has been ceded to the exec. Has little recourse to stop say tariffs based on national security concerns 2/
Backing/opposition to admins’ trade policy so far has been a matter of ‘parochial issues rather than partisan issues’ says one econ. Dems might still have some ties to lab unions, some Reps back free trade, but it’s really about who loses/wins economically in a pol’s backyard 3/
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