On Tuesday 19 May, London published its new tariff regime, the “UK Global Tariff” (or ‘UKGT’), which will succeed the European Union’s Common External Tariff (CET) on 1 January 2021, at the end of the transition period.
The UKGT, which is lower than the CET, will abolish tariffs “on a wide range of products”, simplifying nearly 6,000 tariff lines, reducing the administrative burden on businesses and eliminating “nuisance tariffs” (i.e. below 2%), the UK Department for...