The United Kingdom on Tuesday announced a new post-Brexit tariff regime to replace the European Union's external tariff, maintaining a 10% tariff on cars but cutting levies on tens of billions of dollars of supply chain imports.
Puzzle with printed EU and UK flags is seen in this illustration taken November 13, 2019. REUTERS/Dado Ruvic/Illustration
After decades outsourcing its trade policy to the European Union, Britain is embarking on negotiating free trade agreements with countries around the world and aims to have deals in place covering 80% of British trade within three years. “Our new Global Tariff will benefit UK consumers and households by cutting red tape and reducing the cost of thousands of everyday products,” International Trade Secretary Liz Truss said.
Under the new regime tariffs would be eliminated on a wide range of products: 60% of trade will come into the UK tariff free on WTO terms or through existing preferential access, the government said.
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