Economy

Confirmed: 10% import tax on new cars from European Union

Confirmed: 10% import tax on new cars from European Union”

The new list published Tuesday replaces a temporary regime announced a year ago that would have cut tariffs on almost all (an estimated 95 per cent) of what the United Kingdom imports - a hastily-developed scheme created to the cushion the blow to British consumers of a sudden no-deal Brexit that, in March of 2019, appeared possible.

Concerns about the ongoing fate of the talks have dragged down the pound in currency markets, which is trading 7.5 per cent lower so far this year, but which was up 0.5 per cent by 1.50pm UAE time after the new tariff regime was announced.

The government is negotiating free trade agreements with countries around the world and aims to have deals in place covering 80% of the trade within three years.

"There remain some areas where we have significant differences", UK Cabinet Minister Michael Gove said on the UK's talks with the European Union on a free trade agreement.

The British government published Tuesday the outlines of a new post-Brexit tariff regime that could potentially lead to a fall in the price of thousands of products, including Christmas trees, cocoa and fridges.

In a dramatic intervention in the increasingly fractious negotiations over the future terms of U.K. -EU trade, David Frost complained that the bloc was treating Britain as "unworthy" of a fair deal.

More news: U.S. risks 'permanent damage' from extended shutdown: Mnuchin

However, tariffs on industries such as agriculture, automotive and fishing are remaining as an attempt to protect them against competition.

The regime, also known as UK Global Tariff, is also said to be cheaper than the EU's Common External Tariff, and will also apply to countries with which the UK has no agreement, while removing all tariffs below 2%.

Today the UK Most Favoured Nation tariff schedule was announced by government.

The new system maintains a 10 percent tariff on cars and levies on agricultural products like lamb, beef and poultry. Its current aim in the European Union is to ensure there is a mechanism in place so that processed products, such as biscuits, waffles, pizzas and other confectionary items, aren't able to by-pass tariff rates that are levied on bulk or raw materials.

Nearly all pharmaceuticals and most medical devices (including ventilators) are tariff free in the UKGT.

This relief waives the tariff and Value-Added Tax for personal protective equipment, medical devices, disinfectant and medical supplies from non-EU countries.



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