This week in weren’t we done with this? Technically, Brexit has happened, but only if you define “Brexit” very narrowly. To recap, Johnson called an election last December and won a landslide victory, allowing him to finally get the controversial withdrawal agreement he had negotiated with the EU approved by Parliament. Britain formally exited the EU on Jan. 31. But the agreement just specified the legal terms for the British withdrawal. Johnson’s government still has to negotiate a final trade deal with the EU, something that—even at the time—seemed like it was going to be more complicated than he was letting on. The U.K. is currently in a one-year transition period under which it is continuing to abide by EU rules. That period runs out at the end of this year, after which—if nothing has been agreed—the EU and the U.K. will revert to trading based on World Trade Organization rules, which could have damaging economic consequences for British companies that do business in Europe and consumers who rely on products from Europe. This is what is commonly called a “no-deal Brexit”—the bleak scenario that loomed over talks all last year.
