THE UK WILL REDUCE THE TYRE IMPORT TAX
On May 19, Britain’s Department for International Trade announced that it would cut import taxes on some goods.
The UK the duty on tyres from 4.5% to 4.0%, according to the announcement.
Among them, related rubber products used for refurbishment, maintain 0% tariff;
The duty on industrial solid tyres was reduced from 2.5 per cent to 2.0 per cent.
The new tariff regime will fully replace the EU’s common external tariff from January 1, 2021.
British officials say it is the first time in 50 years that they have created their own tariff regime.
The new system will simplify import and export processes and procedures, reducing the cost of thousands of everyday items.
This will directly help the UK economy and better respond to the challenges posed by the epidemic.
The United States could get in the way and affect the implementation of the system.
Previously, the United States held the Anglo-American trade agreement hostage, demanding that the British set tariffs, the two countries must agree.
That means the UK needs the us’s consent to strike a trade deal with China.
Local media commented that the UK should be more active in wooing the Chinese market.