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“The proposed Brexit move could undermine trust in Northern Ireland,” Ireland’s Foreign Minister Simon Coveney said on Tuesday. Any departure from rule of law would have serious implications for the UK’s international reputation, Coveney further argued.

Additional takeaways

“Comments from UK ministers on Brexit are gravely concerning.”

“Concerns have been exacerbated by an open commitment to breaking international law.”

“The Northern Ireland protocol must be implemented by the end of the year when transition period ends.”

“There will be no appeasing of the UK’s approach.”

“The UK’s approach is hugely problematic and illegal but we must focus on how to get an agreement.”

“We need to remain calm and resolute and focus on the prize of the trade deal with the UK.”

Market reaction

The GBP/USD pair extended its slide and was last seen losing 1.17% on a daily basis at 1.3013.