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UK to use high tariff threat to raise pressure in trade negotiations: The Times

Stock MarketsJan 24, 2020 08:16PM ET
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(Reuters) - British Prime Minister Boris Johnson is mulling to use the threat of high tariffs to raise pressure on the European Union, the United States and other nations to strike trade deals with Britain, The Times newspaper reported on Saturday.

Johnson and his cabinet ministers discussed using tariffs as "leverage" in an effort to accelerate trade talks at a meeting this week which could result in taxes of 30% on some types of French cheese and 10% on German cars, the newspaper reported.

In an EU exit strategy committee meeting held on Thursday, ministers agreed that the tariffs should be put out for consultation, according to the report.

Ministers also agreed to prioritize Japan, U.S., Australia and New Zealand as "tier one" countries in negotiations and other countries as "tier two", the newspaper added.

The UK will largely replicate the EU tariff schedule which will be published and lodged at the World Trade Organisation, according to the newspaper.

Johnson will lay out the negotiating plan in the first week of February, the report added, citing officials from Brussels.

U.S. Treasury Secretary Steven Mnuchin said on Friday that the U.S. wants to conclude a trade deal with Britain this year.

Britain will leave EU on Jan. 31.

UK to use high tariff threat to raise pressure in trade negotiations: The Times
 

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Comments (2)
Jan Buyle
Jan Buyle Jan 26, 2020 2:30AM ET
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Guess what... UK is dead when Europe does the same...
Brian Rawling
Brian Rawling Jan 24, 2020 9:58PM ET
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Why only a 10% tariff on German autos when French cheeses will be hit with a 30% tariff? What about French and Italian autos? And what about tariffs on luxury goods imports from the EEC? Brits can live without expensive handbags, clothing and shoes but not without food.. Brits should take the opportunity to impose 50% tariffs on all gas guzzling super-cars, MPVs, SUVs, etc. to cut exhaust emissions and reduce speeding.. Then go for the conglomerates which make profits in the UK but because of fancy accounting pay no taxes - hit them the hardest.
Al Vlaj
alvlaj Jan 24, 2020 9:58PM ET
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Shouldnt Britain’s workforce that voted for Brexit just make all their autos, cheeses, handbags, clothing and shoes in their own country. I thought the whole point of Brexit was to become isolated protectionist like Trump is trying to do?
 
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