Debate on Brexit and Trade: Questions from FASH455

fetaured-brexit-image

Brexit

#1 Why should or should not globalization be responsible for Brexit? Why would Britain want to exit the EU in the first place if there were so many negative impacts on the economy, especially on the retailers and UK brands? Is Brexit an anti-globalization movement?

#2 Seeing all of the complications that resulted from Brexit in regards to trade and the fashion industry as a whole, will similar disruptions occur if the US pulls out of more trade agreements? If so, then do the negative impacts on the economy outweigh the positives?

#3 Who could be the winners and losers of Brexit and why? Any observed impact of “Brexit” on the global fashion apparel industry?

Debate on Trade and Foreign Investment

#4 South Carolina’s economy depends on foreign companies as of late, companies like Giti, a foreign-owned tired plant. Do you think more states should embrace the South Carolina philosophy and welcome foreign companies into their states to build plants on their land and employ US workers? Do you think this would be a good thing for the US economy? Why or why not? 

#5 As a more developed and educated nation, would it be in our best interest to teach the new generations how to work alongside technology and acclimate to the changing job market or continue to fight to bring textile jobs back to the US when other countries can do the same job for a lower cost, and have limited employment skills and opportunities?

#6 Without globalization and international trade, would South Carolina voters be better off or worse economically? Why?

#7 Concerning the commercial interests of the United States, why do you support or oppose President Trump’s proposal to impose 45% punitive tariffs on imports from China?  

Please join our online discussions. In your comment, please mention the question #.

Author: Sheng Lu

Professor @ University of Delaware

6 thoughts on “Debate on Brexit and Trade: Questions from FASH455”

  1. Brexit: The study “Frictionsless Trade – what Brexit means for cross-border trade in goods” by the UK Institute for Government shows the effects on supply chains of UK companies: https://www.instituteforgovernment.org.uk/publications/frictionless-trade-brexit-august-2017.
    Especially the UK-based Fashion companies are challenged to reorganise their supply chains with the remaining EU. Impact on customs issues see IfG-study: https://www.instituteforgovernment.org.uk/publications/implementing-brexit-customs-september-2017

  2. #2 Seeing all of the complications that resulted from Brexit in regards to trade and the fashion industry as a whole, will similar disruptions occur if the US pulls out of more trade agreements? If so, then do the negative impacts on the economy outweigh the positives?

    I think that, in a way, Donald Trump’s decision to withdraw the US from the TPP is very similar to Brexit. I think that we are in the age of change and that people of power choose to change aspects of their countries, even if it may seem that the negative impacts on the economy outweigh the positive impacts. These agreements and unions have been in place for decades and decades, so maybe it is time for a change. Wee won’t know what is better for our country if we keep agreements in place from hundreds of years ago. The fashion industry is ever changing and is one of the most fast paced industries worldwide. I think that it only makes sense for us to adjust to the times instead of relying on the mindset of “if it’s not broke, don’t fix it.”

    1. this is a good point! But TPP is a pending new trade agreement–even though the US withdraws from TPP, it is about the loss of some potential benefits. However, regarding Brexit, it is about taking away some benefits UK currently enjoys as a EU member–such as getting duty-free access to other EU countries and other countries which have established a trade agreement with EU. While the fashion industry is always changing, no business favors market uncertainties. Welcome for any follow-up thought.

  3. #3 Who could be the winners and losers of Brexit and why? Any observed impact of “Brexit” on the global fashion apparel industry?

    The winner of Brexit would most likely be the UK. However they left the EU of false pretenses and in turn will hurt many smaller countries. Although the UK would be an obvious winner, their apparel companies and other industries have to re negotiate their sourcing agreements and where they are trading now. Countries like Russia also have something to gain, Putin was one of the only political leaders that backed the notion of Brexit. Global markets took a 10% plummet after this decision as well, its affected almost the whole globe, and in my opinion was not a smart decision.

    1. I think that the UK is going to be the loser of Brexit because although they are gaining their independence from the EU, they are going to have to start from the beginning and rebuild themselves on their own and they may not have all of the resources to do so. Also, in terms of the effect on the apparel industry, the UK is going to have to create new free trade laws and agreements with other countries that could take years and may be very difficult.

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