After more than three years of uncertainty and disagreement, Brexit finally occurred on January 31, 2020, separating the UK from the EU. This marks the start of a transition period which will run until the end of 2020, during which the EU and UK will negotiate a comprehensive trade deal. The transition period may be extended by one or two years provided the UK notifies the EU and both parties agree before July 1, 2020. While Boris Johnson has included a provision in the UK Withdrawal Agreement which prevents the UK from seeking an extension, many sources doubt that, given its complexity, a trade deal can be concluded in an 11-month time span, so an extension is quite possible. If no deal is reached by December 31, 2020 and the transition period has not been extended, there will be a hard Brexit on January 1, 2021.