The United Kingdom and the European Union trade deal began implementation this past January 1st. Now, the United Kingdom is no longer part of the single market and customs union, which significantly alters how the two parties trade with each other. The E.U.-U.K. Trade and Cooperation Agreement means there will be no tariffs or quotas on most goods, which will protect U.K. consumers from higher costs associated with import tariffs. However, there are new bureaucracies, placing pressures on businesses and creating trade friction between the United Kingdom and the European Union. Trade now occurs on more restricted terms. The timing of the announcement came just a week before implementation and left little time for businesses to adapt.
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