UK announced a new post-Brexit MFN tariff regime today, called the UK Global Tariff (UKGT). This will replace the EU’s Common External Tariff starting on January 1, 2021, at the end of the Brexit Transition Period.
Under the new regime, tariffs on a wide range of products will be eliminated. 60% of trade will come into UK tariff free on WTO terms, of through existing preferential access. Successful FTS negotiations will increase the total. Tariffs will be maintained on agricultural products such as lamb, beef and poultry. Car tariffs will be maintained at 10%.
“Our new Global Tariff will benefit UK consumers and households by cutting red tape and reducing the cost of thousands of everyday products,” International Trade Secretary Liz Truss said.
