Maroš Šefčovič, European Commission Vice President of Interinstitutional Relations and Foresight warned on Tuesday, “overriding Brexit deal to ensure British products can continue to be sold in Northern Ireland would bring retaliation.”
Key takeaways (via The Telegraph)
“Brussels will start a trade war with Britain if Boris Johnson overrides the Brexit treaty so that Northern Irish shops can keep selling British sausages.”
“The EU would react "swiftly, firmly and resolutely" if Britain unilaterally extended the grace period in the Northern Ireland Protocol, which expires at the end of June.”
Market reaction
GBP/USD is pressurizing lows near 1.4165 on the renewed Brexit concerns while the US dollar attempts a bounce after the tumble in the US last session.