U.K. unveils tariff plan for ‘no-deal’ scenario

  1. UK Government has announced temporary tariff plans if it leaves the European Union without a transition deal.The tariff plans are (a)eliminate import tariffs on a wide range of goods and (b)keep the border between Ireland and Northern Ireland free of customs checks.
  2. The tariff plans would apply both to imports from the EU and from outside the bloc.It would eliminate 87% of tariffs but introduce 10% duties on cars,and levies on beef,chicken and pork as well as protections for the ceramics industry.
  3. Under World Trade Organization(WTO) rules,the UK would have to impose the same tariffs on goods from the EU and from other countries around the world if it leaves the EU without a deal.
  4. The UK government has also announced that in the event of no deal,there would be no customs checks on the Irish border and no tariffs on any goods moving from Ireland into Northern Ireland.
  5. Recently,UK MP’s had rejected leaving the European Union(EU) without a deal.