UK announces a new post-Brexit regime to replace EU's external tariff, maintaining a 10% tariff on cars but cutting levies on tens of billions of dollars of supply chain imports
LONDON - The United Kingdom announced a new post-Brexit tariff regime on Tuesday to give it leverage in trade talks, maintaining the European Union’s 10% duty on cars but cutting levies on tens of billions of dollars of supply chain imports.
But it will mean that if Britain and the EU fail to reach a free trade deal by the end of the year, the price of some food, cars and some chemical inputs imported from the bloc would rise sharply. “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.It will maintain tariffs on imported products competing with UK industries such as agriculture, automotive, ceramics and fishing, and remove levies on 30 billion pounds worth of imports entering UK supply chains.
Talks on a future relationship between London and Brussels have reached an impasse, with both sides trading barbs before a crunch meeting next month. Britain published its draft legal text on Tuesday, described by a spokesman for Prime Minister Boris Johnson as “a constructive contribution”.
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