Britain's government should urgently unveil its plans for tariffs in the ca...
LONDON - Britain’s government should urgently unveil its plans for tariffs in the case of a no-deal Brexit, lawmakers said on Wednesday after media reports that levies could be slashed for up to 90 percent of imports.
However, with the details not finalised, Fox said there was no agreement on whether to tell parliament before it must decide on March 12 whether to accept an unpopular exit agreement negotiated with the EU by Prime Minister Theresa May. Britain currently has tariff-free access to EU markets, and benefits from EU trade deals with other countries. But its exports will automatically face EU tariffs if it crashes out of the bloc without transition arrangements.Businesses want to know if Britain, the world’s fifth-largest economy, will slap reciprocal tariffs on imports from the EU. If not, tariffs would have to be lifted on imports from most other countries under World Trade Organization rules.
“Either you are making things more expensive that previously came in tariff-free from the EU, or, in some cases ... undermine the industry,” Clark said, giving ceramics as an example of where he thought there was unfair competition from China. Clark said lawmakers would only be told about proposed tariffs if a majority vote next week in favor of leaving the EU without a deal - which analysts see as unlikely. Fox said he would prefer to inform lawmakers before such a vote.
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