May 20, 2020
UK new tariff regime retains agriculture taxes
The new post-Brexit tariff regime maintains the 10% tariff on lamb, beef, poultry and other agricultural products, reported Reuters.
The new UK Global Tariff (UKGT) replaces the European Union's Common External Tariff (EU CET). UKGT will be simpler and cheaper.
The UKGT removes 30 billion GBP (~US$36.7 billion; 1 GBP = US$1.23) worth of imports entering the country's supply chains but maintains tariffs on products that support UK industries. These include agriculture, automotive and fishing.
The government said 60% of trade will go through the UKGT on WTO terms. Otherwise, it will go through existing preferential access starting January 2021.