Reported by Luke 2020-3-3

Britain formally left the European Union on the evening of January 31, ending 47 years of membership. From this moment on, Britain enters the transition period. According to current arrangements, the transition period ends at the end of 2020. During that period, the UK would lose its membership of the EU, but would still have to abide by eu rules and pay the EU budget. British prime minister Johnson’s government on February 6 laid out a vision for a trade deal between the United Kingdom and the United States that would streamline the export of goods from all countries to Britain in an effort to boost British trade after Britain leaves the European Union. The UK is pressing for a deal with the us, Japan, Australia and New Zealand before the end of the year as a priority. But the government has also announced plans to ease trade access to Britain more broadly. Britain will be able to set its own tax rates once the transition period expires at the end of December 2020, according to the plan announced on Tuesday. The lowest tariffs would be eliminated, as would tariffs on key components and goods not produced in Britain. Other tariff rates will fall to around 2.5%, and the plan is open to public consultation until March 5.