London/Brussels — Britain and the EU cautioned each other on Monday that time was running out to reach a Brexit trade deal, with negotiators still seeking agreement on state aid, enforcement and fishing to avoid a turbulent exit in a month.

The UK leaves the EU’s orbit on December 31, when a transition period of informal membership ends following its formal departure last January, and the sides are trying to secure a deal to govern nearly $1-trillion in annual trade...

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