RESPONDING TO BREXIT: A SUGGESTION FOR THE U.S.

Alan Wolff, a former Deputy U.S. Trade Representative, trade lawyer, and Chairman of the National Foreign Trade Council, has been a major figure in U.S. trade policy since the early 1970s.  In the last several days, he has published two articles in Fortune's Insiders series, each urging a post-Brexit U.S. tariff initiative, involving both the UK and the EU.  Today's quote is from the first of those articles, the one published last Friday, when the world was just getting the news of the British electorate's momentous decision. 

Here is the full paragraph with today's quote:

"President Obama should call together the leaders of Congress and tell them that he proposes to enter into a trade agreement with Britain and to accelerate negotiations with the EU (now minus the U.K.) for the Transatlantic Partnership-and ask for their strong public statements of support.  He should ask for authority from Congress to suspend tariffs on all trans-Atlantic trade for the next two years, provided that there is full reciprocity from these trading partners.  Doing so should reassure financial markets."

In both articles, Mr. Wolff talked about the geopolitical implications of the U.K. referendum and expressed concerns about its potential impact on the global economy.  He conceded that, although America's stake in the current European crisis is clear, America's role is not.  The tariff initiative he is proposing could alter that by putting the U.S. at the center of a cooperative project involving both the United Kingdom and the Europe Union.  In his words:

Or, as he put it last Friday:

Mr. Wolff is someone who had hoped that the June 23 vote in the UK would go the other way.  Over at the Heritage Foundation, on the other hand, they are celebrating.  Where we fall between these two camps is not particularly relevant.  Our view is that the decision to leave has been made.  The UK will leave.  The challenge now is to shape the best possible future for all concerned.  We think Mr. Wolff's proposal could be a big step in that direction.

July 7, 2016 - Trans-Atlantic Trade - A Post-Referendum Proposal, 2:30 - 4 p.m. at the National Press Club.   Alan Wolff, Senior Counsel at Dentons, and Bruce Stokes of the Pew Research Center are both slated to participate in this session, with additional speakers to be announced.  The first of the usual event announcements for this program will be published later, but you can sign up now at Post-Referendum I.

A Suggestion for the President is a link to Alan Wolff's Fortune article of June 24, which was the source for today's quote.

After Brexit takes you to Mr. Wolff's follow up article on his post-Referendum proposal, published by Forbes on June 27. 

At The Heritage Foundation is a link the Heritage Foundation website, which highlights their views on Brexit and beyond.  Among other things, Heritage is calling for a free trade area between U.S. and the UK, as in this suggestion from The Agenda for June 28, 2016: