They are now going to inform their superiors about the state of the negotiations. European Commission President Ursula von der Leyen and British Prime Minister Boris Johnson will speak by phone tomorrow.
‘Significant differences’
“After a week of intensive negotiations in London, the two chief negotiators agree that the conditions for an agreement have not been met,” Michel Barnier and David Frost write in a statement they distributed individually. According to the chief negotiators, this is due to ‘significant differences’ in the areas of fair competition and fishing.
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The British have already left the EU at the beginning of this year, but have agreed a transition period until December 31. Until then, the British will still adhere to EU rules.
So if there is no deal before the end of this year, trade with Europe will be governed by international trade rules. This means that import taxes will be imposed on many products.
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