Brexit: Is there a 10-year-rule to sort out trade?

If the UK leaves the EU with no deal, it will fall back on the rules of the WTO - the basic building blocks of international trade. At that point, the UK could choose to continue applying zero tariffs to goods being imported from the EU. But under rules set out in Article 1 of Gatt (which are commonly known as Most Favoured Nation (MFN) rules), it would then also have to offer the same terms to the rest of the world. If no-one had to pay anything to get their goods into the UK, that would certainly mean cheap imports. But it would also put a lot of British companies out of business and there would be no obligation on other countries to offer the UK the same tariff-free access in return