Move Fast, Break Things… and Then?
Authors & Contributors
While policy changes from the Trump Administration have come rapidly (along with the occasional postponement), it may seem fair to anticipate sizable economic effects to follow hard on their heels.
At this time, that has not been the case. But an examination of a recent and similar policy shift—the UK leaving the European Union (Brexit)—reveals some similar data from its early days. And it may offer insights into what to expect moving forward.
The Brexit decision put into play tariffs, quotas and standards on trade in goods and services, including many rules and restrictions on domestic commerce copied from the EU template.
The Brexit result was the decision to change trade policy (as opposed to the actual change in trade policy). Still, the reaction of the private sector was sudden and sharp.
