No matter how the UK government try and spin the matter, the UK has ultimately lost major trade benefits with its biggest trading partner. While the UK has retained some of its frictionless trade benefits moving forward, there is no agreement on conformity assessments, and this will likely lead to trade barriers in the future, for example all goods may have to be checked twice to be certified. Areas such as air and road transport are also likely to form significant barriers to trade in the short term, but other border issues remain unresolved that will likely hinder trade.
The Brexit trade agreement fails to cover each region's sanitary and safety standards for exporting animal food products, which will add significant cost to products headed into the EU single market, bad news for the British agricultural sector. But probably the most significant sticking point in negotiations was the issue of a level playing field on trade, and to overcome the issue the UK has signed up to yet unknown tariffs that the EU can impose if the UK veers too far from EU regulation in the future. The Brexit trade deal is far from being a comprehensive trade agreement, far from the economic freedom the UK government is now bragging that it is, and trade is likely to be an ongoing sensitive issue between the EU and UK long into the future.