Iceland Votes Down EU Membership Bid Amid Trump-Driven Concerns

Iceland's voters have rejected a proposal to restart negotiations on joining the European Union. The national broadcaster reported that opponents of EU membership won by a margin of 52.8% to 47.2%. The capital, Reykjavik, was the only area in the island nation where a majority supported the referendum.

The vote count through the night had the nation on edge as the 'Yes' vote took an early lead before eventually swinging in favor of the opposition. By dawn, a margin of only a few hundred votes separated the two camps before the gap grew as more ballots were tallied in areas of the country where opposition was greater.

Opponents argued that Iceland's voice would be muted in the large European Parliament and that it would be better off cutting its own trade deals. Backers said EU membership would lower inflation and interest rates, but their claims remain unproven.