Why industry should brace for chaotic, no-deal Brexit

Trade talks between the European Union and the UK have entered a new crunch phase and time is running out.

All existing trade agreements pertaining will end Jan. 1, leaving the two sides without any legal basis for cross-border commerce.

There been no progress in the main policy sticking points going into this week's eighth round of talks, and the two sides appear to be re-opening issues long believed settled. 

On Monday, UK Prime Minister Boris Johnson said that unless there is a breakthrough by the time government leaders meet at the EU Council summit on Oct. 15, he will declare the negotiations have failed.

In this case, each side will impose 10 percent tariffs on imported passenger cars in keeping with World Trade Organization rules.