The European Union will introduce tariffs on UK exports and imports in case of a no-deal Brexit, the chief spokesman for the European Commission said Wednesday, several hours after the UK government reportedly announced plans to cut tariffs on most of the imports in a no-deal scenario, ONA reports citing Sputnik.
"We take note of the United Kingdom's plans for temporary tariffs in the case of no deal. We will carefully analyse the compliance of the UK plans with [World Trade Organisation] WTO law… In the event of no deal, the Union has already made clear that it will apply its normal third-country trade regime to all trade with the United Kingdom", Margaritis Schinas told a press conference.
According to UK media reports, the UK government wants to lift duties off 87 percent of imports on a temporary basis in a bid to protect businesses and consumers from a sudden increase in costs.
The UK House of Commons is set to vote on a no-deal motion later on Wednesday after rejecting, a day earlier, the withdrawal deal agreed by the UK government and the European Union.