Puzzle with printed EU and UK flags is seen in this illustration taken November 13, 2019. REUTERS/Dado Ruvic/Illustration
LONDON (Reuters) – The United Kingdom on Tuesday announced a new post-Brexit tariff regime to replace the European Union’s external tariff, maintaining a 10% tariff on cars but cutting levies on tens of billions of dollars of supply chain imports.
After decades outsourcing its trade policy to the European Union, Britain is embarking on negotiating free trade agreements with countries around the world and aims to have deals in place covering 80% of British trade within three years.
The British government said the new regime, known as UK Global Tariff (UKGT), would be simpler and cheaper than the EU’s Common External Tariff. It will apply to countries with which it has no agreement and will remove all tariffs below 2%.
“Our new Global Tariff will benefit UK consumers and households by cutting red tape and reducing the cost of thousands