Britain's government has reached a general agreement on import tariffs if i...
LONDON - Britain’s government has reached a general agreement on import tariffs if it leaves the European Union without a deal, trade minister Liam Fox said on Wednesday, but the business minister warned that tough choices remained.
Speaking to lawmakers on Wednesday, Fox said senior ministers had reached an outline agreement but that it was too soon to make details public. “It is always possible that there could be further changes, but there has been a basic agreement,” he told a parliamentary committee. Businesses want to know if Britain, the world’s fifth largest economy, will slap reciprocal tariffs on imports from the EU. If not, tariffs would have to be lifted on imported goods from most other countries under World Trade Organization rules.
Unilaterally scrapping tariffs would also reduce Britain’s leverage to encourage other countries to lower tariffs on British exports, he added.
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