| What's Happening? Boris Johnson and Ursula von der Leyen are going to hold a crunch meeting—sometime. It is never a good sign when two sides in a negotiation can't even agree when to talk. But that's exactly where we are. The British prime minister and the president of the European Commission were expected to take stock of talks on their post-Brexit relationship sometime around next week's European Council. So far, though, they haven't found a slot in their diaries for that Zoom call.  Boris Johnson and Ursula von der Leyen in January. Photographer: Simon Dawson/Bloomberg Even if they do talk, fresh impetus may prove elusive. The U.K. wants to hold any call after the European Union loosens chief negotiator Michel Barnier's mandate—something EU diplomats pointedly rejected on Wednesday. The British government is unlikely to retreat from its own red lines, let alone extend the discussions. One minister this week described the idea of doing the latter as "crazy." Businesses face months more uncertainty, with the strong possibility of a messy divorce at the end of the year. As we reported this week, that outcome would have far-reaching effects for the British economy. Already reeling from the coronavirus, companies are unlikely to relish the prospect of additional harm. Some examples: - Japanese automaker Nissan, which employs 6,500 people in the Brexit-supporting town of Sunderland, would face a 10% tariff on exports to the EU, making its factory unsustainable.
- In retail, supermarkets such as Tesco and Sainsbury's—where about 80% of imported food comes from the EU—would face new duties on a plethora of products, spelling price rises for consumers.
Read in Full: Here's How a No-Deal Brexit Would Hit U.K. Business Even if the rhetoric is hardening, Johnson and von der Leyen may simply agree to keep talking. There are signs compromises may be possible in some areas—as Ian Wishart noted at the end of last week's negotiations, Barnier dropped hints over fishing and the level playing field. Last year's experience shows that tough talk often precedes a somersault and compromise, so those hoping for an orderly withdrawal will be crossing their fingers that history will repeat itself again this year. But it will still take political intervention to bridge the gap in its entirety, and the two sides haven't got much time. With any deal needing to be ratified and implemented, October looks to be the new final deadline. — Joe Mayes Beyond Brexit Sign up here for our daily coronavirus newsletter, and subscribe to our Covid-19 podcast.  Click here for the latest maps and data on the spread of coronavirus. Want to keep up with Brexit? You can follow us @Brexit on Twitter, and listen to Bloomberg Westminster every weekday. It's live at midday on Bloomberg Radio and is available as a podcast too. Share the Brexit Bulletin: Colleagues, friends and family can sign up here. For full EU coverage, try the Brussels Edition. For even more: Subscribe to Bloomberg All Access for our unmatched global news coverage and two in-depth daily newsletters, The Bloomberg Open and The Bloomberg Close. | 
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