nydailynews.com nydailynews.com 23 Dec, 2020 23:45 am

As deadline nears EU and U.K. near post-Brexit trade deal

As deadline nears EU and U.K. near post-Brexit trade deal
Britain and the European Union are working feverishly to get a trade deal done.

Negotiators from the European Union and United Kingdom closed in on a trade deal Wednesday, raising hopes a chaotic economic break between the two sides on New Year’s Day could be averted, officials said.1, but a trade deal would avert the imposition of tariffs and duties that could cost both sides billions in trade and hundreds of thousands of jobs.Rumors of a pre-Christmas trade deal surfaced in recent days based on progress on the outstanding issues beyond fishing.While both sides would suffer economically from a failure to secure a trade deal, most economists think Britain would take a greater hit, at least in the near-term, as it’s relatively more reliant on trade with the EU than the other way around.

had to trade with the EU on World Trade Organization terms.British Prime Minister, Boris Johnson speaks during a virtual press conference on Monday.

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