UK unveils post-Brexit tariff regime

Great Britain has just unveiled its new post-Brexit tariff regime to replace the European Union's external tariff, Report informs, citing the Evening Standard.

The UK government confirmed in a statement that it will maintain a 10% tariff on cars but will cut taxes on tens of billions of dollars of supply chain imports under its new regime, known as the UK Global Tariff (UKGT).

It claims that the UKGT will be simpler and cheaper than the EU's Common External Tariff, and it will apply to countries with which it has no agreement and will remove all tariffs below 2%.

"For the first time in 50 years, we can set our own tariff regime that is tailored to the UK economy," said international trade secretary Liz Truss.

"Our new Global Tariff will benefit UK consumers and households by cutting red tape and reducing the cost of thousands of everyday products. With this straightforward approach, we are backing the UK industry and helping businesses overcome the unprecedented economic challenges posed by a coronavirus."