Breaking News: The new UK Tariff is announced

The Government has this morning (19 May) announced the UK’s new MFN tariff regime, the UK Global Tariff (UKGT). This will replace the EU’s Common External Tariff on 1 January 2021 at the end of the Transition Period.

This tariff will be applied in trade with the European Union in the absence of a Free Trade Agreement (FTA) signed in time between UK and EU.

Joe Mayes from Bloombergs writes: ”It looks like a slight walk-back from the temporary no-deal tariff schedule published last year, which would’ve made 87% of UK imports tariff-free. This proposal makes 60% tariff-free”.

You find the information here: UK Global Tariff backs UK businesses and consumers