. How Britain and the EU Would Trade Under WTO Rules « JO LEE MAGAZINE

Bloomberg – The U.K. is no longer a member state of the European Union and negotiators have until Dec. 31, 2020, to strike a trade deal to govern Britain’s future commercial relationship with the trade bloc. If they fail, Britain could lose frictionless, duty-free access to the EU and the two sides would immediately revert to commercial rules negotiated in 1995 by members of the World Trade Organization. That means new tariffs on British exports to the EU and traffic-snarling customs controls at ferry terminals. It’s been compared to “downshifting a car at full speed from fifth gear to first.”

All details at Bloomberg

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