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UK to drop most chemical tariffs to 0% under no deal Brexit, industry left exposed

March 14, 2019 / ICIS

The UK government is to drop trade tariffs on chemicals and polymers to an average of 0.1% for a year in the event of a no-deal Brexit, removing most tariff protection for UK chemical producers. The move follows another rejection by the UK’s Parliament late on Tuesday of Prime Minister Theresa May’s Brexit Withdrawal Agreement, which could increase the likelihood of a no-deal exit from the EU. Although Parliament is to hold another vote on Wednesday which could approve a motion to avoid a no-deal Brexit, the default legal position remains that the UK leaves the EU on 29 March with or without a deal. Any extension to the exit date would have to be approved by the EU 27.