May 19, 2020 / 6:01 AM / 16 days ago

UK announces new Brexit tariff regime: keeps tariffs on cars and agricultural products

LONDON, May 19 (Reuters) - 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 and levies on agricultural products such as lamb, beef, and poultry.

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 (EU CET).

“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.

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 from January 2021, 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 worth of imports entering UK supply chains. (Reporting by Kylie MacLellan and Elizabeth Piper, writing by Kate Holton and Guy Faulconbridge)

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