Press Release: Speech by Michel Barnier at the European American Chamber of Commerce

“The UK has decided to leave the European Union’s Single Market and the Customs Union. This means that Brexit will create friction to trade that does not exist today. For various economic sectors, this will have an impact on value chains, which are currently closely integrated across national borders of European countries. This will impact in particular manufacturing and logistics, as well as the agricultural and food sectors. The cost of Brexit will be substantially higher for the UK than for the EU. But Brexit is clearly a “lose-lose” situation for both.”

View the full speech.

Source: European Commission

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