Britain Will Cut Tariffs After Brexit

May 20th, from WikiFX News. Britain announced an important plan to cut tariffs by 30 billion pounds after Brexit, while also releasing the latest most-favored-nation rate of duty.

The British Global Tariff that will replace EU’s common external tariffs from January 1st, 2021 centers around the following points:

1. The new British tariff ensures that from January, 2021, 60% of foreign trade will enter the country on WTO terms or through existing preferential access.

2. Britain will promote sustainable economy by cutting tariffs on over 100 different products to support renewable energy, energy efficiency, carbon capture and storage and circular economy. Import tariffs on agricultural produce such as beef and mutton and most of ceramic products will remain unchanged, and a 10% tariff will be applied to automotive.

3. The new tariff plan will be set in pounds and is less complicated than the EU tariffs.