Left Menu
Development News Edition

UK announces new post-Brexit global tariff regime

Reuters | London | Updated: 19-05-2020 12:15 IST | Created: 19-05-2020 12:00 IST
UK announces new post-Brexit global tariff regime
Representative Image Image Credit: ANI

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 of 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.

The British government said the new regime, known as UK Global Tariff (UKGT), would be simpler and cheaper than the EU's Common External Tariff. It will apply to countries with which it has no agreement and will remove all tariffs below 2%. "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.

The UKGT will be set in pounds and will be legislated for later in the year and will come into force from January 2021. Under the new regime, tariffs would be eliminated on a wide range of products: 60% of trade will come into the UK tariff-free on WTO terms or through existing preferential access, the government said.

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 ($37 billion) worth of imports entering UK supply chains such as screws and bolts. The government said it would also remove tariffs on products that support energy efficiency such as thermostats and LED lamps, and will introduce a temporary zero tariff rate on products being used to fight the COVID-19 outbreak such as personal protective equipment. ($1 = 0.8183 pounds)


TRENDING

OPINION / BLOG / INTERVIEW

Why COVID-19 is unstoppable in USA despite it being ranked at the top of GHS Index?

Several worst-hit countries such as Italy, France, Spain, the UK, Canada, and Russia have peaked COVID-19 cases in April. Almost all of them have gradually flattened the curve. However, the USA is setting new daily records of infections tha...

COVID-19 seems cooking biggest ever global scam

The increasing number of corruption cases on COVID-19 funds from throughout the world and involvement of high profile persons indicate that the countries cant ignore corruption in their pandemic response programs. This has generated the nee...

Health Management Information Systems lack holistic, integrated, and pandemic resilient character

Being a part of the United Nations system, the World Health Organization WHO deserves its share of rebuke for its alleged failure issue COVID-19 health emergency alerts on appropriate time. However, the pandemic has also exposed loopholes i...

Pride in the time of coronavirus: a welcome move online?

This year is different in many ways not least as celebrations are also taking place against the dramatic backdrop of a global health crisis and a resurgence in grassroots activism following the death of George Floyd in Minneapolis. ...

Videos

Latest News

Germany laments US exit from WHO, says EU seeks to reform it

Germanys health minister on Wednesday lamented the formal US notification of its withdrawal from the World Health Organization as a setback for international cooperation and said Europe would work to reform the UN health agency. The comment...

Why do you feel 'intimidated' if you and your mother haven't erred: BJP to Rahul

Hitting back at Rahul Gandhi after his attack on Prime Minister Narendra Modi over probe into foundations linked to the Nehru-Gandhi family, the BJP said on Wednesday those whose family is out on bail on alleged corruption charges should no...

Merck says it has agreed to supply potential COVID-19 drug Rebif to EU countries

German drugmaker Merck said on Wednesday it had agreed to supply its potential COVID-19 drug Rebif to European Union countries should orders be placed for the treatment. The comment followed a Reuters report earlier on Wednesday about a dea...

Surat overtakes Ahmedabad in daily increase in COVID-19 cases

Despite strict measures to contain the pandemic, Surat district in Gujarat recorded its highest one-day spike in coronavirus cases at 273, which was also the highest daily increase in the state on Wednesday. With 273 new patients found sinc...

Give Feedback