UK Govt announces GBP30 billion tariff cuts after Brexit
The UK Government is out with its post-Brexit tariff plan on Monday, announcing GBP30 billion tariff cuts after the transition.
Key takeaways
"Global tariffs to replace EU common external tariffs starting from 1 January 2021."
"Tariffs to be maintained for agricultural products like beef, lamb, poultry."
"10% tariff on cars will also be maintained."
"Almost all pharmaceuticals, medical devices will be tariff free."
Market reaction
The above announcement strengthens the bid tone around the pound, as GBP/USD extends the UK jobs data led gains to 1.2245. The spot is up 0.40% on the day.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
