<human>:  How does Brexit affect trade?
<bot>: Brexit has had a major impact on the trade between the UK and the EU, particularly in terms of tariffs and regulations. As of January 2021, following the completion of the transition period, most UK-EU trade is still subject to tariffs and other administrative burdens, making it more costly for businesses to sell goods or services across the border. Non-tariff barriers, such as different regulations, can also lead to trade disruption, further impacting the cost and timeliness of trading between the two countries.