Jun
27

Export England

englandLast year, US exports to the UK were $55 billion, 2.5% of exports; just 0.3% of US GDP. The direct effects of a slump in the UK will be hardly noticed. The indirect effects are what matters. Heading the list; a rising dollar, falling commodity prices, reduced corporate investment, widening credit spreads, lower interest rates and risk appetites, slumping emerging markets, and fear of other countries possibly following Britain.

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