President Barack Obama is backtracking on his warning that Britain would go to the “back of the queue” for a US trade deal, as he tries to contain the fallout of the UK’s decision to leave the European Union.

Post Brexit, Obama’s priority of locking in trade deals before leaving office now becomes a distant second.

The shift in tone illustrates how Britain’s vote has abruptly scrambled Obama’s reality. Where the president had tried to encourage the UK not to rashly abandon the European bloc,  he now must reassure Britain that its decision to do so won’t mean its demise.

His priority of locking in trade deals before leaving office now becomes a distant second, behind the more urgent task of restoring confidence in the financial markets and in Europe’s future.

“The Obama administration and a number of leaders in Europe as well is trying to calm the waters. At this point, there are more questions than answers,” said Miriam Sapiro, Obama’s former acting trade representative and now an adviser at the strategy firm Finsbury.

Source From : indianexpress.com