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LONDON—The U.K has been part of the European Union since 1973, but the country voted to leave in 2016 in favor of, as the government slogan said, “taking back control” of its trading relationships and borders.

After what felt like a very long two years of arguments and political wrangling, the country finally did leave in January of this year, prompting a transition period that ends Dec. 31.

After that date, existing rules and regulations between the U.K.

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