by Mike ‘Mish’ Shedlock
UK prime minister Theresa May hopes the EU will come to its senses and negotiate a fair Brexit settlement.
Unfortunately, current rhetoric suggests a “hard brexit” is the most likely scenario.
If so, who are the winners and losers?
In aggregate, no one wins trade wars. In isolation, there are winners and losers.
The average UK citizen is a loser thanks to higher inflation and the falling British pound. Retailers dependent on goods from the EU will get hit hard.