As EU talks stall, UK outlines tariffs for post-Brexit world

British government published Tuesday outlines of a new post-Brexit tariff regime that could potentially le to a fall in price of thousands of products, including Christmas trees, cocoa and fridges.

Department for International Tre said new regime will see tariffs eliminated on 62 billion pounds ($76 billion) of imports. Called U.K. Global Tariff, it will apply to all countries that U.K. does t have a tre agreement with.

“Our new Global Tariff will benefit U.K. consumers and households by cutting red tape and reducing cost of thousands of everyday products,” said International Tre Secretary Liz Truss.

However, tariffs on industries such as agriculture, automotive and fishing are remaining as an attempt to protect m against competition.

U.K. Global Tariff will replace European Union’s external tariff on Jan. 1, when country is formally due to exit a transition period aimed at smoothing its departure from bloc earlier this year. During this period, which British Prime Minister Boris Johnson insists will t be extended, U.K. remains part of EU’s tariff-free single market and customs union.

Under new tariff plan, U.K. will see 60% of tre come in tariff-free, compared with 47% currently.

However, proportion could increase furr if U.K. strikes a tre deal with EU or U.S. Talks between U.K. and EU have me little progress so far and fears are growing within business circles that re won't be a deal and tariffs will have to be slapped on tre between two, which would be an ditional hefty cost on top of coronavirus pandemic.

While welcoming aspects of new plan, business lobby groups are worried about how tre talks with EU are going. EU accounts for around half of all U.K. tre, so it is consequentially more important for British ecomy.

“Crucially, firms’ number one priority is for government to strike a deal with EU and (ensure) continuity of existing tre deals,” said Josh Hardie, deputy director general of Confederation of British Industry.

Britain also published Tuesday its proposals for future relations with EU, including a