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UK announces new post-Brexit global tariff regime

Video Credit: Reuters Studio - Duration: 01:20s - Published
UK announces new post-Brexit global tariff regime

UK announces new post-Brexit global tariff regime

The United Kingdom announced a new post-Brexit tariff regime on Tuesday to replace the European Union's external tariff.

Ciara Lee reports

After decades outsourcing its trade policy to the EU, Britain is seeking free trade agreements with countries around the world.

It's on a mission to have deals in place covering 80% of British trade by 2022.

On Tuesday (May 19) the UK announced a new post-Brexit regime to replace the EU's external tariff.

The plan, called the UK Global Tariff keeps a 10% tariff on cars but cuts levies on tens of billions of dollars of supply chain imports.

It's to be enforced from January, and marks a departure from what some UK officials call an overly complex EU system.

Britain is currently negotiating trade deals with both the U.S. and the Brussels-based bloc.

The new regime will maintain tariffs on products competing with industries such as agriculture, automotive and fishing.

But it will remove levies on imports worth 30 billion pounds - about 37 billion dollars - entering UK supply chains.

The government said that while almost all pharmaceuticals and most medical devices, including ventilators, are already tariff-free, some products used to fight the crisis still face duties.

It's introducing a temporary zero rate on these products, including for personal protective equipment from non-EU countries.




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