UK announces new post-Brexit global tariff regime aimed to simplify 'complex EU system'

United Kingdom has recently anunced plans for a new post-Brexit tariff regime. According to reports, anuncement was me on May 19 and new tariff regime is aimed at replacing European Union’s external tariff. new tariff regime will maintain a 10% tariff on cars but simultaneously will cut levies on tens of billions of dollars of supply chain imports.

UK Global tariff, 'simpler' that EU system

According to reports, after Brexit, Britain finally has control over its own tre policy after years of having outsourced it to European Union. Britain’s new tariff regime seeks to establish free tre agreements with countries around world and aims to cover 80% of British tre by year 2022.

As per reports, Britain’s new tariff regime will be a departure from what has been frequently seen as a very complex EU system. While Britain is currently in negotiations with United States and Brussel based European Union, if Britain fails to reach an agreement with EU by end of 2020 n price of certain items like, food, cars and some chemical inputs that are imported into Britain would rise sharply.

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According to reports, UK’s International Tre Secretary Liz Truss has claimed that Britain’s new tariff system, called UK Global Tariff, will greatly benefit UK consumers and households. According to Tuss UK Global Tariff will be simpler than previous EU system and also reduce cost of thousands of everyday products.

According to government, tariffs that were previously placed on products will be eliminated on a wide range of products. government statement also ded that it would maintain tariffs on agriculture, automotive and fishing products since y are competitive industries.

(Im Credit: ANI)

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