Embracing unilateral free trade would lower consumer prices by only 1%, according to a paper from Sussex University
to remain tariff-free, it would have to extend that privilege to non-The government’s strategy is slowly becoming clear. On February 25th it announced that once outside the customs union it would abolish manyimposed trade remedies would generally be scrapped unless British firms have more than a 1% share of the domestic market for the product in question.
Yet there is little chance that it would go the whole hog and abolish all tariffs. Michael Gove, the environment secretary, has suggested that tariffs would be applied to food imports in the event of no deal, to avoid ruining British farmers. The government is said to be considering maintaining a 10% tariff on finished cars for similar reasons. Since both measures would have to be applied both toThat may help British firms.
The government reportedly envisages committing to a no-deal tariff schedule for one year only. That could give Britain a bit of leverage in trade negotiations with other countries: allow us to export to your market and we will give you better access to ours. If that led to the slow phasing-out of tariffs on both sides, as some Brexiteers dream, it would be a fine thing.
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