UK announces new tariff regime after Brexit

The UK has announced a new tariff regime after Brexit, which will replace the external tariff of the European Union. This was stated by British Foreign Minister Liz Trass. The new tariff regime, UK Global Tariff, will come into effect in January 2021.

The authorities are confident that Global Tariff will benefit British consumers and households by reducing bureaucratic red tape and lowering the cost of thousands of consumer goods. Under the regime, duties on many goods will be canceled, with 60% of the goods going to the UK, free of duties, under the WTO or through existing preferential access.

The government also said that the UK will retain duties on agricultural products, automobiles and fisheries. At the same time, the country will abolish import duties worth £ 30 billion ($ 37 billion) and energy-efficient products.