Britain on May 19, local time, the United Kingdom announced "brexit" at the end of the transition period of the new tariff mechanism, to replace the original implementation of the eu external tariff system. The new tariff system will take effect from January 1, 2021. Under the new system, 60 per cent of UK trade would be tariff-free under the terms of the world trade organisation or through existing concessions, and tariffs would be reduced on a range of imported goods worth tens of billions of dollars.
Among them, imported products that help improve energy efficiency, such as LED lights, will be exempted from tariffs. This will be good news for China's LED exports.
According to a UK government statement, the new UK Global Tariff -ukgt will be "simpler and cheaper" than the eu's common external Tariff in the past. For companies exporting to the UK, this would eliminate red tape and other unnecessary barriers to trade, reduce cost pressures and give consumers more choice.
Since formally leaving the European Union on January 31, Britain has sought to negotiate a new free trade agreement with the European Union and other countries, aiming to reach an agreement covering 80 percent of Britain's trade within the next three years.
The new tariff system, which will be levied in pounds sterling, is due to be passed through parliament later this year and will come into effect on January 1 when the brexit transition period ends at the end of the year.