UK Government Announces New Tariff Regime

UK Government has announced its new tariff regime - the UK Global Tariff (UKGT). This will replace the EU’s Common External Tariff (CET) on 1 January 2021. 

If the UK and the EU agree a preferential trade agreement before the end of the transition period, the UKGT will not apply to exports into the UK from the EU. Trading will take place on the terms of that preferential agreement.  

If the UK and the EU do not agree a preferential trade agreement before the end of the transition period, then from 1 January 2021, trading will take place on UKGT terms, as the UK’s MFN tariff regime.

More information is available on UK Government's website.