European Commission President Ursula von der Leyen and Prime Minister Boris Johnson announced Sunday they have agreed to extend negotiations on a post-Brexit trade deal.

Why it matters: The deadline for a deal was Sunday. "Despite the exhaustion after almost a year of negotiations, despite the fact that deadlines have been missed over and over, we think it is responsible at this point to go the extra mile," the leaders said in a joint statement after speaking by phone on Sunday. "We have accordingly mandated our negotiators to continue the talks and to see whether an agreement can even at this late stage be reached."

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