Britain touts plan for sweeping post-Brexit tariff cuts
BRITAIN has set out a post-Brexit tariff plan, cutting import duties on many products while protecting industries such as automotive and agriculture in global trade beyond Europe, reports Bloomberg
BRITAIN has set out a post-Brexit tariff plan, cutting import duties on many products while protecting industries such as automotive and agriculture in global trade beyond Europe, reports Bloomberg.
Items like dishwashers, freezers and Christmas trees will be able to enter tariff-free, the Department for International Trade said.
Under the plan, GBP30 billion (US$36.6 billion) in tariffs will also be removed on supply chain imports, like copper alloy tubes, and screws and bolts, the department said.
Britain's so-called 'global tariff' regime is a key part of its economic policy as it leaves the European Union, because it replaces the EU's common external tariff, which sets duties on non-EU trade not otherwise covered by a preferential agreement.
The UK said 60 per cent of its trade will come in tariff-free under its plan, compared to 47 per cent currently.
'Our new global tariff will benefit consumers and households by cutting red tape and reducing the cost of thousands of everyday products,' said International Trade Secretary Liz Truss.
However, it would maintain a 10 per cent tariff on cars, and also keep duties on agricultural products like beef, lamb and poultry, to protect those industries. The government also said it was cutting duties on renewable energy items like thermostats, vacuum flasks and LED lights, to promote a green economy.
Separately, Britain is engaged in trade talks with the EU, aiming to sign a Canada-style accord that would eliminate most tariffs and quotas on goods but introduce new barriers like customs paperwork. The latest round of talks ended with little progress recently.