As a result of the worldwide coronavirus pandemic, negotiations to determine the post-Brexit trade relationship between the United Kingdom (UK) and the European Union (EU) have been canceled. While both sides have stated their desire for negotiations to move forward in some capacity, no plans have thus far been made.
The UK’s Prime Minister, Boris Johnson, has maintained that the Brexit transition period will conclude at the end of the year, regardless of the status of trade negotiations. Previously, Prime Minister Johnson has threatened to withdraw from talks if significant progress has not been achieved by June. Despite the worldwide pandemic that has significantly disrupted daily life around the globe, Prime Minister Johnson has not thus far indicated a willingness to reconsider this deadline.
If the UK withdraws from talks or is otherwise unable to come to an agreement with the EU, the UK would face the prospect of significant tariffs and trade barriers with the EU.
