Beef encounter: The UK will hike duties on some EU imports if it fails to sign a trade deal. That could push up UK food prices at a difficult economic juncture. Boris Johnson may balk at hurting voters and decide to back-pedal, says gfhay
The United Kingdom on May 19 announced a new post-Brexit tariff regime to replace the European Union’s external tariff. It plans to maintain a 10% tariff on cars but cut levies on tens of billions of dollars of supply-chain imports.
Britain said the regime, known as UK Global Tariff, would be in place from January 2021 and be simpler and cheaper than the EU’s Common External Tariff. The new system will apply to countries with which Britain has no agreement – including the EU, should the UK be unable to secure a free trade agreement by the end of 2020.
The government said tariffs would be eliminated on a wide range of products, with 60% of trade coming into the UK tariff-free on World Trade Organization terms or through existing preferential access. The UK will maintain tariffs on products competing with industries such as agriculture, automotive and fishing, and remove levies on 30 billion pounds’ worth of imports entering UK supply chains.
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