EU's Michel unsure if post-Brexit deal can be reached with U.K. - Reuters

Sep. 04, 2020 10:56 AM ETiShares MSCI Emerging Markets ETF (EEM), VWO, FXE, IEMG, EWU, EUO, EDC, SCHE, FXB, EDZEEM, VWO, EWU, FXE, FXB, EUO, EDC, EDZ, SCHE, IEMGBy: Liz Kiesche, SA News Editor4 Comments
  • The U.K. will have to lay out its plans for state aid to British industries if it wants to seal a new partnership agreement with the European Union starting in 2021, European Council President Charles Michel told Reuters.
  • He's not sure if the two sides will come to an agreement by the EU's "strict deadline" at the end of October.
  • "The U.K. should clarify its position. For us, the level-playing field is key and essential," Michel said. "It’s impossible that they diverge and there are no consequences, for example on tariffs."
  • The EU and U.K. head into another round of negotiations next week in London.
  • During the summer, they were unable to achieve breakthroughs on key issues, including level-playing field guarantees of fair competition, dispute settling, and fisheries.
  • Last Sunday, EU Brexit negotiator Michel Barnier told his U.K. counterpart, David Frost, that there would be no agreement if Britain didn't move on state aid, Reuters said, citing EU diplomatic sources.
  • ETFs: EEM, VWO, FXE, IEMG, EWU, EUO, EDC, SCHE, FXB, EDZ

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