It’s been a momentous week in the United Kingdom. With a defeat Wednesday to Croatia, England fell just short of its first World Cup final in 52 years, devastating fans who had embraced the catchphrase, “It’s coming home.” Meanwhile, three former Tory ministers with key roles in the Brexit process, most notably Foreign Minister Boris Johnson, no longer have a home in Prime Minister Teresa May’s cabinet, having quit the government in protest over her negotiations to leave the European Union. And Donald Trump, who’s made no secret of his support for Brexit, arrived on Thursday for his first visit to Britain since becoming president.

But for Dechert international trade co-chairwoman Miriam Gonzalez, the most significant development may have been the statement from May’s cabinet indicating the government would pursue a free-trade area with the EU for industrial and agricultural goods. That statement prompted Johnson and the others’ departure, but it also indicates that May is staking out a position that could be acceptable to EU negotiators.

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