Britain will most likely end up leaving the European Union's trade bloc without any replacement trade deal, the EU's Commission chief said Friday, according to a report by Reuters.
While the UK exited the EU this January, it remained an informal member of the trade bloc for a one-year transition period, set to end after December 31st.
With just weeks to go before the deadline, the two sides have been unable to reach an agreement establishing new rules for the roughly $1 trillion in trade between the UK and EU member states.