UK announces new post-Brexit global tariff regime

The Economic Times | May 19, 2020 at 12:17 PM
  • 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.
  • 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.
  • It will remove tariffs on 30 billion pounds ($37 billion) worth of imports entering UK supply chains such as screws and bolts.