Tariff Troubles Torment Trade ...

With just two weeks to go to the departure date, the Government decided to release details of the new tariff structure on imports into the UK. Business is already dealing with the challenges of the threat to exports. Now HMG has chosen the moment to reveal the imminent threat from imports. 

87% of total imports into the UK would be eligible for tariff free access. Some protection will be offered on beef, lamb, pork, chicken and some dairy products including cheddar cheese. 

Tinned Tuna will be subject to a 25% tariff. Ceramics and fertilizer will also face tariff hikes. Imported cars will be taxed at 10%. Bananas, sugar and certain kinds of fish will maintain current tariff levels, to "ensure that access for developing countries is maintained." 

Trade Policy Minister George Hollingberry said "If we leave without a deal, we will set the majority of our tariff levels to zero whilst maintaining tariffs for the most sensitive industries". The new structure would be temporary. The government will closely monitor the the effects of tariffs on industry and the economy during an initial twelve month period. 

Business was unimpressed. The steel industry faces extinction, it does not appear to be a "sensitive industry". TUC General Secretary Frances O'Grady warned of a "hammer blow" to industries and communities. NFU President Minette Batters warned of the risks to domestic farming and a great reliance on overseas production with no control on animal welfare.

Carolyn Fairbairn Director General of the CBI described the move as a "sledgehammer" for the UK economy. "What we are hearing is the biggest change in terms of trade for this country since the 19th century imposed on the country with no consultation with business and no time to prepare. " "This is no way to run a country."

A fair summary. For more information Check Out The Saturday Economist .com every week!