Re: About Time
1) We import lots of stuff from the EU. They might threaten not to sell us stuff. Therefore, they have us over a barrel.
2) We export lots of stuff to the EU. They might threaten not to buy stuff from us. Therefore, they have us over a barrel.
Okay, lets dissect this one shall we?
We currently have zero tarrifs on trade with the EU. If we leave with no deal, and rely on WTO tariffs, we haev to treat the EU the same as everyone else, or be in breach of WTO regulations. If we breach WTO regulations, we face trade sanctions.
There are two ways we can go - drop tariffs for everyone or raise tariffs for the EU to the same level as everyone else.
The former will mean a lot of low quality, low priced food flooding the market, destroying all farming in this coutry overnight. The latter means tariffs with the EU. We'll be pretty much forced to go with the latter if we want to avoid rioting, although Trump would love to force low US food safety standard on us for fun and profit. His, not ours.
So, that means:
1) We import lots of food from the EU, this will get more expensive, due to the tariffs we will have to pay (EU countries won't unilaterally drop tariffs, because it means dropping them for every country that currently has them). People's weekly shop will become much more expensive, because importing it from teh EU will include tariffs, and importing it fmor elsewhere will include the same tariffs and higher transport costs.
2) We export lots of things to the EU, which will become more expensive for them. Some things will become cheaper for them to import from elsewhere, without tariffs (e.g. from within the EU) and they will stop buying from us.
Both are bad, and obvious consequences, no cognitive dissonance or doublethink required.