UK unveils new post-Brexit tariff regime
The UK plans to keep tariffs on automotive and agricultural products.
According to Reuters, the UK announced a new post-Brexit tariff regime that would replace the EU’s external tariff. The new system maintains a 10 percent tariff on cars and levies on agricultural products like lamb, beef and poultry.
The government said that the new regime, known as the UK Global Tariff (UKGT), would be cheaper and easier to implement than the EU’s Common External Tariff (EU CET).
"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 percent of trade will come into the UK tariff-free on WTO terms or through existing preferential access from January 2021, the government said.
However, the UK will maintain tariffs on a number of products – backing UK industries such as agriculture, automotive and fishing. It will remove tariffs on 30 billion pounds worth of imports entering UK supply chains.
