Consumers are set to benefit from the government’s plan to slash tariffs on goods from the United States and other countries after the UK comes out of the transition period in December 2020.
Under the transition period, the UK is still bound by the European Union’s Common External Tariff rules. The Conservative government announced on Thursday that it had launched a consultation on the UK Global Tariff, which will replace it on January 1st, 2021.
Boris Johnson’s government is considering removing tariffs on goods that are not currently manufactured in the UK or where there is limited domestic production, lowering the cost for consumers. Other options for review includes lifting tariffs on key inputs for production by British manufacturers and simplifying other tariffs.
Another initiative is the Most Favoured Nation tariff system which would encourage trade with countries where there is no current arrangement, according to details reported by The