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How will Brexit affect the global economy, particularly with the EU and UK's trade relations?

Verla Sim

Brexit is when Great Britain decided to leave the European Union (EU). This has caused a lot of problems for people all over the world who want to do business with the UK and the EU.

Since the EU and the UK used to be in a trade agreement together, it was easy for businesses in both places to buy and sell things to each other. This agreement helped the global economy because it meant that the UK and the EU could sell their products all over the world.

Now that the UK has left the EU, they don't automatically have the same trade agreement. This means that businesses in the UK and the EU will have to start negotiating new trade deals all over again. Negotiating new trade deals takes a long time, and it might mean that businesses will have to pay more money to sell their products in other countries.

If businesses have to pay more money to sell their products, they might have to raise the prices. This could affect people all over the world who want to buy things from the UK and the EU. If the prices of things go up too much, people might not be able to afford them anymore. This could hurt the global economy because it means that people won't be spending as much money.

Some people might think that leaving the EU will help the UK because they will be able to make their own trade deals. However, it might take a long time for the UK to negotiate these deals, and they might not get as good of a deal as they had before. This could hurt the UK's economy and the global economy.

In conclusion, Brexit has caused a lot of uncertainty for the global economy, especially when it comes to trade relations between the UK and the EU. It might take a long time for new trade deals to be negotiated, and this could hurt businesses all over the world. It's important for leaders to work together to find a solution that benefits everyone.