Details of ‘The UK Global Tariff’ were announced this morning and the government’s plans will have a significant impact on UK importers.
It sets out tariffs and duties for imports from countries who are members of the WTO and with whom the UK does not have an overriding trade agreement.
When it comes into effect at the end of the transition period on 31 December 2020, tariffs for several everyday goods will be set to zero and an estimated £30 billion of tariffs on supply chain imports, including copper alloy tubes, screws and bolts will be removed.
If the UK and EU do not agree to a trade deal before the end of the year, these tariffs could apply to imports from the EU.
Masterclass
To help importers in the UK understand the implications of the announcement, the Institute will be running a ‘UK Global Tariff Masterclass’ on Tuesday 2nd June.
The masterclass is free for members and non-members pay just £100+VAT, which can be fully covered by the government’s grant funding.
It will be delivered by the Institute’s director of stakeholder engagement, Kevin Shakespeare, and will last 1.5 hours.
You can find sign-up details for the webinar here.
The webinar will cover:
- Introducing the UK’s new global import tariffs
- Differences between the new UK Global Tariff and the current EU Common External Tariff
- Implications for UK businesses, supply chains and manufacturing
- Opportunities and benefits across business sectors
- An overseas exporter’s perspective
- Action plans that UK businesses can implement now
Learning outcomes include:
- An understanding of the UK’s new global import tariffs and impacts for UK businesses at the end of the Brexit transition period
- An understanding of how the UK’s global tariff can support effective supply chains and manufacturing
- Business preparations and actions arising from the global tariff