U.K. Agrees to $50B Payment in First Phase of Brexit Deal

British Prime Minister Theresa May secured a deal in the first phase of Brexit negotiations in the early hours of Friday morning. The deal ended a tense standoff over the issue of the border between the Republic of Ireland and Northern Ireland—the contentious issue of customs and Irish cross-border trade will now be negotiated in the second phase. London agreed to pay as much as $50 billion to settle its existing obligations to the European Union, and will now be allowed to move on to wider trade negotiations.