Business leaders were always talking about how developments in the trading scene would help international trading. For the UK, Europe is a vital market for export, and business investors know that. It is even bigger than the US market. That is why many people think that Liz Truss’s “happy message” that she has signed a bigger deal with Japan doesn’t really gain that much benefit as she thinks. Of course, it is still a very good thing to do, but the UK needs to bond with the EU. The EU is considered as the UK’s largest trading partner. In 2019 the UK exported to the EU £300 billion (43% of all UK exports). Also, Uk imported from EU countries over £372 billion in imports. Which is 51% of all UK imports.
Truus has a mission to trade deals with non-EU countries and she considers Japan as the boost of the country’s trades. Because of these questionable decisions, Mike Haves, who is the boss of SMMT, is thinking about quick ways to embrace the UK’s trades and connect them with the EU.
The deal with the US is not a priority. Of course, the US is well known for its goods and services but for the UK, they are not as vital as EU countries. It was far more important to have connections with the US before Donald Trump. Now he began a battle with China and is fighting for “As he claims” damaged barriers for US companies. The US set their tariffs way too high for the UK. Many companies are losing thousands of dollars because of the expensive export cost.
If anyone compiles the US and the EU rules, then they would know that the EU is winning all the time.
How people are dealing with the crisis
Covid-19 caused an extraordinary recession. The economy is in a deep freeze. Businesses are closing. People are losing their jobs. Workers are staying at home and can’t really go out for work. Shops are selling only necessities and people are going crazy about that. Almost every industry has a fall down. There are several popular things to do right now in order to make some income. Some people are not even able to work from their homes.
Overall output fell by 86% for the unfortunate industries, but there is one field that has not damaged as much as the other fields. The Bank of International Settlements (BIS) reports that the UK is the World’s first forex trading hub. The report is talking about how the main exchanges in the world are done by people in the UK. People are trying to join the Trading market as soon as they are aware that this market is really existing. Young people are finding themselves educating about trading and doing research in global markets. Last year, there was a 16-year-old boy who earned colossal money for £150. People are getting to know about the trading scene and the essentials of what one must do, before joining this huge platform. That is why more and more people are asking about why you should compare forex brokers and what are the chances that your broker will use your investments in a proper way. To tell you the truth, people around the world are associating their job lives with the forex market and the UK is not an exception.
Why are people talking about this, AGAIN?
The UK and EU had begun trading talks after the European Council in March 2018. Both were hoping that they would agree with each other’s ideas of the future together. Of course, Japan’s big technology companies will benefit the UK, but this will also enable UK companies to operate in Japan with offshore services. This is the positive news, it goes without saying, but people and companies were waiting for the EU.
The coronavirus already caused damage to businesses. The latest round between Britain and the European Union has concluded without a breakthrough. The Brexit arrangements will expire at the end of 2020. Work needs to be done in the different ranges of trading areas. If the UK will not negotiate with the EU, companies will face higher trading costs at the time when many of them have already lost jobs and have been slammed by a COVID-19.