Brexit vote clouds the outlook for trade agreements

The UK referendum result may ultimately lead to the British government pursuing more liberal trade policies with the rest of the world. But progress is likely to be very slow. Meanwhile, the prospect of the UK leaving the EU has extinguished what little hope there was of an early conclusion to trade negotiations between the EU and the US. And the chances of the Trans-Pacific Partnership being ratified by the US have diminished. In short, there is little hope for much progress with trade liberalisation for the foreseeable future.