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szdaily -> World -> 
UK announces plan for tariff cuts after Brexit
    2020-05-20  08:53    Shenzhen Daily

THE U.K. set out its tariffs plan for global trade when it fully leaves the EU at the end of this year, cutting import duties on many products while protecting industries such as automotive and agriculture.

Items like dishwashers, freezers and Christmas trees will be able to enter the U.K. tariff-free as of Jan. 1 2021, the Department for International Trade said in a statement yesterday. Tariffs will be maintained on agricultural products like beef, lamb and poultry, plus a 10 percent tariff on cars, the department said.

Britain’s so-called “global tariff” regime is an important feature of its economic policy as it leaves the EU, because it replaces the EU’s common external tariff, which sets duties on non-EU trade not otherwise covered by a preferential trade agreement.

The U.K. said 60 percent of its trade will come in tariff-free under its plan, compared to 47 percent currently.

“Our new global tariff will benefit U.K. consumers and households by cutting red tape and reducing the cost of thousands of everyday products,” International Trade Secretary Liz Truss said in the statement.

“We are backing U.K. industry and helping businesses overcome the unprecedented economic challenges posed by coronavirus.”

Separately, the U.K. is engaged in trade talks with the EU, aiming to sign a Canada-style accord that would eliminate most tariffs and quotas on goods but introduce new barriers like customs paperwork.

The latest round of talks ended with few signs of progress.

(SD-Agencies)

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