| What's happening? The clock is ticking on a solution to the Northern Ireland dispute, and Australia struck a trade deal with Britain. Time is running out to reach a solution in the spat over Northern Ireland, U.K. Brexit minister David Frost told lawmakers in London. He repeated Prime Minister Boris Johnson's threat to suspend parts of the Brexit divorce agreement if the European Union doesn't change its approach to checks on goods entering from the province. Frost said he wanted to strike a deal with the EU that would deliver the "light touch" arrangements for border checks that the U.K. expected would apply. It's "crazy" for the U.K. to realize only now what Brexit means. That's the assessment of Clement Beaune, France's junior European affairs minister, who warned that the EU will retaliate if Britain leaves the Northern Ireland protocol. Brussels could delay granting so-called equivalences to make it harder for U.K. financial services to keep operating in the bloc. There isn't a "climate of trust," Beaune said.  Clement Beaune, France's European Union affairs minister. Photographer: Benjamin Girette/Bloomberg A united Ireland is a "legitimate political aspiration," according to Ireland's deputy prime minister Leo Varadkar. The trade border down the Irish Sea that Brexit created has angered unionists. The soon-to-be prime minister urged his party to work with the growing "middle ground" north of the border to advance the cause. Irish imports from Great Britain fell again in April, continuing a trend since Brexit.
Ending a stand-off that threatened to derail the government, Northern Ireland's Democratic Unionist Party and Sinn Fein agreed to restore the region's power-sharing executive. The row had been fueled by tensions over the Brexit deal, which impacts longstanding issues of identity — both nationalist and unionist — that dominate the region's politics. Over dinner at Downing Street, Australia and the U.K. struck a trade deal. It's a boost to Johnson's post-Brexit project for a "Global Britain." It takes the U.K. closer to joining the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), of which Australia is a member. The agreement will cut tariffs on Scotch whisky, clothing and cars — as well as agricultural goods, sparking anger from British farmers. Cutting "burdensome" red tape built up during almost five decades as an EU member will be key to Britain reaching its full potential outside the bloc, Johnson said. The government's post-Brexit ideas taskforce published a series of recommendations late Tuesday, including replacing the EU's data protection rules and dropping the bloc's regulations on clinical trials. — Lizzy Burden We aim to keep you up to date on how the U.K. navigates the world after Brexit. Got tips or feedback? Email us at beyondbrexit@bloomberg.net Chart of the Week Disruptions in post-Brexit U.K. goods trade eased further in April, driven by exports of iron and steel to the EU, the latest official government data show. U.K. merchandise sales to the bloc rose 2% from a month earlier, while imports climbed 3.2%. Goods coming from non-EU countries, excluding precious metals, were the highest since records began in January 1997. Read More: Post Brexit Trade Flux Eased Further in April Don't MissWant to keep up?You can follow us @Brexit on Twitter, and listen to Bloomberg Westminster every weekday. Share Beyond Brexit: Colleagues, friends and family can sign up here. For full EU coverage, try the Brussels Edition. Get More From BloombergYou can find all of our newsletters here, but here are some we think you'd particularly enjoy: Bloomberg is also tracking the progress of coronavirus vaccines and mapping the pandemic. Sign up here for our Coronavirus Daily newsletter and here for our podcast. Subscribe to Bloomberg.com for unlimited access to trusted, data-driven journalism and expert analysis. | 
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