UK Brexit Sec. Davis: Trade argument with EU will be around regulation, not tariffs

The UK Brexit secretary David Davis crossed the wires in the last minutes, via Reuters, and said that virtually nothing will change for businesses during the post-Brexit transition period.

Additional headlines:

   •  Trade deal will not be legal text by October 
   •  Need substance of post-Brexit relationship by October
   •  Expects a lot of detail in negotiated Brexit deal later this year
   •  No point having implementation period if you are unsure what comes after it
   •  Not expecting Brexit to cause mass migration of financial services activity from the city of London
   •  No deal is a tiny percentage scenario
   •  Trade argument with EU will be around regulation, not tariffs
   •  One of the big upsides to Brexit is leaving the customs union
   •  Seeking customs agreement with the EU