'The world has shrunk': Obama says Brexit vote speaks to 'challenges raised by globalization'

President Barack Obama said Friday afternoon that he had spoken with British Prime Minister David Cameron and, based on his conversation, was “confident” the UK is “committed to an orderly transition out of the EU.”

“We agree that our economic and financial teams will be in close contact as we stay focused on assuring economic growth and stability,” Obama said in California, during remarks at the 2016 Global Entrepreneurship Summit.

President Obama on #BrexitVote: “The EU will remain one of our indispensable partners” https://t.co/6OZtrfIwim https://t.co/QrS6RwgtIw
— CNN Politics (@CNNPolitics) June 24, 2016

The UK shocked the world on Thursday when it voted to exit the EU. Markets plunged into chaos, and Cameron announced he would resign later this year.

Obama said “the world has shrunk” and that he believed the so-called Brexit vote “speaks to the ongoing changes and challenges raised by globalization.”

“But while the UK’s relationship with the EU will change, one thing that will not change is the special relationship that exists between our two nations,” he said. “That will endure. The EU will remain one of our indispensable partners. The NATO alliance will remain a cornerstone for global security.”

The president’s comments at the entrepreneurship summit reflected a statement he issued earlier in the day. In a morning statement, he said “the people of the United Kingdom have spoken” and “we respect their decision.”

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