(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 …



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