UK says most imported goods to be tariff free in no-deal Brexit
The British government announced on Tuesday that 88 percent of imported goods would be tariff free in the event of a no-deal Brexit under a new temporary tariff regime.
The new regime, which came as a modest revision of the earlier regime published ahead of the original Brexit day on March 29, includes changes to tariffs concerning trucks, bioethanol and clothing after a no-deal Brexit.
The country would lower tariffs on HGVs entering the British market, adjust tariffs on bioethanol to retain support for British producers, and apply tariffs to additional clothing products to ensure the preferential access to the British market currently available to developing countries -- compared to other countries -- is maintained.
The temporary tariff regime would apply for up to 12 months while a full consultation on a permanent approach will start in January 2020, according to the Treasury.
Trade Policy Minister Conor Burns said: "The UK will be leaving the EU on Oct. 31 and we are working with businesses to ensure the UK is ready to trade from day one."
"Our temporary tariff regime will support the UK economy as a whole, helping British businesses to trade and opening up opportunities for business to import the best goods from around the world at the best prices for British consumers," Burns said.
The British government published details of its temporary tariff regime for a no-deal Brexit in March, designed to minimize costs to business and consumers while protecting vulnerable industries.