UK Secretary of State for International Trade Liam Fox said Wednesday he had never personally promoted zero tariffs on imports as one of the no-deal Brexit measures, but the possibility could not be completely ruled out
MOSCOW (Pakistan Point News / Sputnik - 06th February, 2019) UK Secretary of State for International Trade Liam Fox said Wednesday he had never personally promoted zero tariffs on imports as one of the no-deal Brexit measures, but the possibility could not be completely ruled out.The UK media reported earlier this week that Fox was considering cutting the tariffs on imports in case of a no-deal Brexit in order to keep prices low for consumers. If the United Kingdom left without a deal, its trade relations with the European Union would be governed by the World Trade Organization rules. The United Kingdom would not be able to slash tariffs on EU imports only and would have to introduce zero tariffs for all its other trade partners.
"That [full tariff liberalization] would certainly expose the United Kingdom to sudden competition in sectors to which it's not currently [exposed]. It would also erode preferences for developing countries ... I have never advocated personally for full liberalization because of those very reasons," Fox told the International Trade Committee.
The trade secretary added that the government had not taken any decision yet on "day one tariffs in the event of no deal."
Fox stressed that he could not completely rule out the possibility of zero tariffs since it was not his "unilateral decision."
"It's not a decision that I take, that's a collective decision across government," Fox told lawmakers.
The United Kingdom is expected to leave the European Union on March 29, and the possibility of a no-deal exit has been looming over the country lately. The UK parliament has rejected the withdrawal deal agreed with Brussels, while the European Union has refused to reopen negotiations.
