HBSNews.com - The world woke up to the reality and aftershocks of Brexit, the U.K.'s eventual exit from the European Union. The U.K.'s departure from the EU is now forthcoming because of the success of a referendum there, where voters decided by 52-48 percent to make the break. The outcome of the vote has resulted in a sharp decline in the value of the British pound, the resignation of British Prime Minister David Cameron, who campaigned for U.K. to remain in the EU, and speculation that other countries in the EU might follow the U.K.'s lead. Global markets also took a tumble.
These surprising events have also caused speculation about whether the victory of the forces pushing for Brexit in the U.K. is an indicator of what might happen in the U.S. in November's presidential election. Specifically, does the success of Brexit overseas portend the success of Donald Trump here at home? Maybe.
The comparisons between Trump and Brexit are gaining credibility because the issues that propelled Brexit to triumph in the U.K. are the same issues that have been hotly debated in the U.S. As the Washington Post noted, "On both sides of the Atlantic, political establishments and the elites have found themselves on the defensive. Rising resentment over the fallout from globalization and the effects of the financial collapse of 2008, which has widened the gap between the rich and everyone else, has divided voters in Britain and the United States. Added to that are emotional issues of national and cultural identity at a time of growing demographic diversity, highlighted in both countries by often-angry debates over immigration."
Trump's presidential run, which has been marked by strong stances against immigration, a foreign policy guided by an "America first" philosophy and fierce campaigning against the traditional political establishment, has benefitted immensely from this dynamic. The frustrations with the status quo felt by conservatives across the country are largely what propelled him to the unexpected position of Republican Party nominee. Trump himself has remarked on the similarities between the sentiments that have promoted his campaign and the referendum in the U.K. At a recent press conference in Scotland, Trump said of the Brexit vote, "I think you're going have this happen more and more. I really believe that and I think it's happening in the United States. It's happening by the fact that I've done so well in the polls."
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