Recommandé
Recommandé
Contenu connexe
Similaire à The UK's New Tariffs under No-Deal: Unsustainable
Similaire à The UK's New Tariffs under No-Deal: Unsustainable (20)
Dernier
Dernier (20)
The UK's New Tariffs under No-Deal: Unsustainable
- 1. Are the UK’s New Tariffs Sustainable under No-Deal? Dmitry Grozoubinski Key points: The UK is heavily reliant on agricultural imports from the EU The newly announced UK tariffs are high on many agricultural products If there’s no deal with the EU, they’ll need to be revised or food prices will rise.
- 2. This was the UK’s 2016 “Balance” in Agriculture: -£20 -£10 £- £10 £20 £30 £40 £50 Billions In What the UK grew and kept + What the UK imported Out What the UK exported Final Balance: + £49 Billion
- 3. This is how that balance breaks down… -£20 -£10 £- £10 £20 £30 £40 £50 Billions In UK Grown and Kept Imported from the EU Imported from elsewhere -£20 -£10 £- £10 £20 £30 £40 £50 Billions Out Exported to the EU Exported elsewhere 30% 44% 26% 40% 60%
- 4. If the UK and EU get a Tariff Eliminating Deal… Tariff Free Some Tariffs Remain
- 5. But if they don’t and the UK applies its new tariffs… Some Tariffs Tariff Free 10% 5% 32% 53% Tariff Free Under 5% Tariff Over 5% Tariff Non Ad-Valorem Tariff New Tariffs on Imports from EU What are “Non Ad-Valorem Tariffs?” Most tariffs are a simple percentage of a products value. So 5% on a £100 bag for £5 in tariffs. Some tariffs however include a flat rate, like £10 per kilo, which doesn’t change with product value. These tariffs are called “Non Ad Valorem” and they’re often pretty high.
- 6. -£20 -£10 £- £10 £20 £30 £40 £50 Billions In What the UK grew and kept plus What the UK imported Out What the UK exported That would mean new high tariffs on… Facing New High Tariffs £15.5b (38%)
- 7. Conclusions: • Under newly announced UK tariffs, 85% of existing agriculture imports from the EU would face high tariffs • That’s almost 40% of all the agricultural produce in the country • The UK will need to revise its tariffs again if there’s a No-Deal • We still don’t know to what