The UK’s long national nightmare will continue.
on the election result—a sign that investors are finally glad to just know what’s going to happen. But there’s still a lot more Brexit to come.
Not much is going to actually change on Jan. 31. The U.K. will enter an 11-month “transition period” during which it will continue to abide by EU rules, though it will no longer have a say in setting them. During this period, it will negotiate a new post-Brexit trade deal with the EU. If there’s no deal by the end of that period, Britain will trade with the EU like any other member of the World Trade Organization: Yes, that’s right—there could still be a “no-deal Brexit.
That prospect seems unlikely at this point, but the process probably won’t be as smooth as Johnson and his allies have promised. The prime ministerwhat has been awkwardly called “super Canada plus” agreement. This would be modeled on the 2016 Comprehensive Economic and Trade Agreement, or CETA, which eliminates 98 percent of tariffs on goods traded between the EU and Canada.
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