Britain suspends import duties on 100+ items

Wednesday 17th April 2024 07:11 EDT

In response to industry demand and to assist domestic firms in managing costs, Britain has suspended import duties on over 100 items, including car parts and fruit juice, until June 2026.

The government announced plans to introduce 126 new tariff suspensions on goods that are not sufficiently produced in Britain. Additionally, it revealed intentions to extend 11 existing suspensions.

Minister for Trade Policy Greg Hands said the move was in response to the needs of business after the government had considered 245 applications for duty suspensions.

"From automotives to food and drink, we're helping businesses to reduce import costs and remain competitive," Hands said in a statement to Reuters.

Analysis by specialist credit insurance firm Allianz Trade said the removal of tariffs on the goods would reduce inflation by 0.6 percentage points, and cut import costs by close to 7 billion pounds ($8.8 billion) in nominal terms.

Under the World Trade Organization's (WTO) Most Favoured Nation status, Britain's suspension scheme removes tariffs uniformly, regardless of the goods' origin. The government's assessment considers existing Free Trade Agreements and consumer interests. Other items with suspended import duties include chemicals, metals, flowers, and leather.

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