The UK’s new trade regime, which sets out tariffs and duties for imports to replace the current EU scheme, will become reality when the transition period ends in December 2020.
First unveiled on 19 May, the levies will apply to trade between the UK and any country or bloc with which it does not have an agreement or trade preferences after 31 December 2020.
Tomorrow, Tuesday 2 June at 2pm, international traders can attend an IOE&IT masterclass webinar to get a condensed, practical update on the scheme’s details.
‘Vital knowledge for firms’
“Knowing the new tariff regime, which the UK government has made as straightforward as possible, is vital for businesses that trade internationally,” said Kevin Shakespeare, the IOE&IT’s director of stakeholder engagement who will host the webinar.
“The clue’s in the name: this ‘UK Global Tariff’ applies to trade with countries around the world.
“Even if the UK strikes a trade deal with the EU before 31 December, these new tariff rules will govern imports from a host of other WTO countries with which the UK may not have an agreement.”
New levy on cars
The UK will, for instance, seek to use tariffs to protect domestic sectors such as agriculture and automotive manufacturing. The plan is to impose a 10% levy on imported cars, as well as putting tariffs on beef, butter and poultry.
Attendance at the webinar is free for IOE&IT members and to non-members, costs £100.
Delegates will learn:
- The UK’s new global import tariffs and impacts for UK businesses at the end of the Brexit transition period
- The ways in which the UK’s global tariff can support effective supply chains and manufacturing
- What businesses need to do now to prepare for the new UK Global Tariff.
Online registration is available until 12 noon on Tuesday 2 June here.
You can also book by emailing training@export.org.uk or by calling 01733 404423.
Masterclass series
The UK global tariff masterclass is the latest in a series designed by the IOE&IT to help firms prepare for new rules and opportunities around the UK’s withdrawal from the EU.
“There are updates on global trade coming from government on a weekly, even daily basis,” said Helen Hastie, training manager at the IOE&IT.
“These masterclasses are about firms that trade internationally having relevant, current knowledge with updates in real time.
“The UK Global Tariff is a very recent announcement and will affect all businesses importing and exporting post-transition. Those firms should make time for this masterclass to help plan and prepare for this new regime.”