Pros And Cons Of Trade Protectionism

In recent years, Europe has faced many dramatic changes which require important decisions to be made from each and every country. Historically, many European countries have shown to be very protective of their respective national identities. Several of these recent important changes and events taking place in Europe threaten the idea of these countries national identities. It is the decisions these countries make which will shape the future of the European Union. As tensions grow, certain countries are beginning to figuratively as well as literally break away from the standards of the European Union. Depending on how countries decide to react, these changes may very well lead to the decline of “Liberal Democracy.”

The world is entering a period

It's a politically motivated defensive measure. In the short run, it works. But it is very destructive in the long term. The supporters of Brexit have made various numbers of claims arguing that in the field of trade, the UK will benefit from its new ability to set its own agenda and choose its own trade partners. Some agree that Britain may indeed gain by not being a member of the EU. However, due to the post-exit arrangements, some are distressed because they see it as a disadvantage. The United Kingdom, been a part of the EU has access to third countries with which the EU has signed trade agreements. These include Mexico, Chile, Algeria, South Africa, Turkey etc. Britain, been part of the UK is able to trade with those countries only through the EU. In other words, Britain’s decision to exit the EU not only abandons trade arrangements that cover more than 60% of its trade but also impacts them tremendously. However, Brexiters have argued, without elaborating on how and what they will improve on existing bilateral agreements. It is will be interesting to see how this can be

Immigration was also a major concern Britain’s vote to leave the EU. Theresa May, earlier made emphasis on reducing immigration irrespective of the economic cost. Recently a lot of British voters came to the realization that reducing immigration is no longer just an abstract issue, but a disadvantage due to its impact on the economy, public finances. “Net migration to the UK has plummeted by more than 100,000 in the year since the vote for Brexit as EU citizens leave, new statistics show.” This is because migrants have contributed to the enhancement of the UK’s economy. Since Brexit leaving the union, the United Kingdom’s economy has diminished significantly, and its currency has fallen, while at the same time, the rest of Europe is doing much better. The first priority should be ensuring that the immigration decrease does not affect both GDP and more importantly, GDP per capita. Many believe that there is an opportunity to reshape the political and policy disagreements in a more positive direction by also securing the rights of EU citizens living