The EU and U.K. Reach a Trade Deal, Ending Brexit. What Now?

MIN READDec 24, 2020 | 16:58 GMT

The EU and British flags in front of the European Commission headquarters on Dec. 9, 2020, in Brussels.

(Thierry Monasse/Getty Images)

Five years of economic uncertainty for households and companies that began with the Brexit referendum of 2016 have come to an end. The European Union and the United Kingdom have reached a free trade agreement that covers most goods, but only a limited number of services. This means that manufacturers in the European Union and the United Kingdom will be able to continue trading with each other from Jan. 1, 2021, without any quotas or tariffs, and the heavily disruptive scenario of trade under World Trade Organization tariffs has been avoided. On the contrary, the services sector (which represents around 80% of the British economy) will have limited access to the EU single market. ...

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