Britain’s exit from the European Union is projected to take years, but the impact on U.S. agriculture has been immediate. Britain voted to leave the EU on Thursday, and many British farmers seemed to prefer the exit because they were upset over EU regulations. However, those same farmers will lose massive amounts of farm subsidies. British farmers have often complained about the European Common Agricultural Policy, but also have opposed measures restricting subsidies. The UK will no longer be included in the Trans-Atlantic Trade and Investment Partnership negotiations.
Britain will have to negotiate trade deals of its own. The United States is currently the single largest investor in Britain. The U.S. sells near $2 billion of agricultural and food products to Britain each year.
Source: NAFB News Service