Europe is Britain’s largest trading partner; reverting to WTO rules would mean taxes, or tariffs, on exports sold to the continent. Britain exits the European Union at midnight on Dec. 31. Meanwhile, Johnson’s government announced that four Royal Navy patrol ships would be ready to protect the country’s fishing grounds in the event of a no-deal Brexit. Beyond wrangling over cod and scallops, which represent far less than 1 percent of the gross domestic product to either Britain or Europe, the E.U. doesn’t want Britain undercutting it on issues such as state aid or environmental regulations to gain a competitive advantage.

Source: Washington Post December 13, 2020 13:06 UTC