Mexican Media Brands
German Business Warned to Prepare for “Very Hard Brexit”
German companies that do business in the U.K. should brace themselves for a “very hard Brexit” when the U.K. finalizes its departure from the EU, warns the Federation of German Industries (BDI).
#economics
Share
German companies that do business in the U.K. should brace themselves for a “very hard Brexit” when the U.K. finalizes its departure from the EU, warns the Federation of German Industries (BDI).
The stern advice comes after four rounds of fruitless negotiations to replace the U.K.’s duty-free status as a member of the EU with new trade agreements, Reuters reports. Without them, a so-called hard Brexit would impose new tariffs under World Trade Organization rules. The U.K. is Germany’s third-largest export destination after China and the U.S.
BDI complains that British Prime Minister Theresa May’s government lacks a clear post Brexit strategy. Reuters notes that May’s own party remains deeply divided on the subject.
RELATED CONTENT
-
On The German Auto Industry
A look at several things that are going on in the German auto industry—from new vehicles to stamping to building electric vehicles.
-
On Quantum Navigation, EVs, Auto Industry Sales and more
Sandia’s quantum navi, three things about EVs, transporting iron ore in an EV during the winter, going underwater in an EV (OK, it is a sub), state of the UK auto industry (sad), why the Big Three likes Big Vehicles, and the future of logistics.
-
China and U.S. OEMs
When Ford announced its 3rd quarter earning on October 24, the official announcement said, in part, “Company revenue was up 3 percent year over year, with net income and company adjusted EBIT both down year over year, primarily driven by continued challenges in China.” The previous day, perhaps as a preemptive move to answer the question “If things are going poorly in China, what are you doing about it?, Ford announced that it was establishing Ford China as a stand-alone business unit.