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What does the Brexit transition deal mean to UK importers & exporters?

Today the UK & the EU have agreed a Brexit transition period, beginning on 29th of March 2019 (Brexit day as laid out under article 5) ending on the 31st of December 2020.

The deal, which needs to be ratified in October, is designed to smooth the path to future arrangements and avoid the potential 'cliff edge', but what does the deal mean for importers and exporters in the UK?