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TMI BlogUK cuts import tariffs on ‘everyday essentials’ in effort to boost growthX X X X Extracts X X X X X X X X Extracts X X X X ..... UK cuts import tariffs on ‘everyday essentials’ in effort to boost growth X X X X Extracts X X X X X X X X Extracts X X X X ..... (DBT) said the UK Global Tariff will be temporarily suspended on 89 products, saving UK businesses an estimated GBP 17 million a year. Against the backdrop of US President Donald Trump's imposition of tariffs, DBT said it was decided to suspend import tariffs on a whole range of products to lower costs for businesses who can benefit from zero tariffs until July 2027. "Free and open trade grows ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... economies, lowers prices and helps businesses to sell to the world, which is why we're cutting tariffs on a range of products,” said UK Business and Trade Secretary Jonathan Reynolds. "From food to furniture, this will reduce the cost of everyday items for businesses, with savings hopefully passed onto consumers. As we face a new era of global trade, this government is going further faster to mak ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Britain the best country to do business, delivering on our Plan for Change,” he said. The government also pointed out that it is “going further and faster” in negotiating trade deals with partners including India, the Gulf Cooperation Council, South Korea and Switzerland to unlock opportunities for businesses and boost jobs and growth. “In a changing world we know families are anxious about th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e cost of living, and businesses uncertain about their future. That's why we’ve announced lower prices on imports of everyday essentials – helping businesses to thrive and pass on savings to customers,” said UK Chancellor Rachel Reeves. Earlier this week, she held wide-ranging talks with her Indian counterpart, Nirmala Sitharaman, to build further momentum behind the ongoing bilateral Free Trade ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Agreement (FTA). Meanwhile, the UK Global Tariff applies to goods entering the UK that do not qualify for preferential treatment under an FTA. Businesses across the UK apply for temporary suspensions on a regular basis by providing evidence of the benefits to themselves, their sector and the wider economy. “In the face of an uncertain and unpredictable global trading environment, government shou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld be commended for suspending import duties on an array of products,” said Sean McGuire, Director at the Confederation of British Industry (CBI). “Measures like these will be important for reducing the financial pressures on firms and help to drive growth for businesses of all sizes across the country,” he said. DBT said the savings to businesses on products such as pasta, fruit juices, coconut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oil and pine nuts could be passed onto consumers just in time for the summer season, meaning lower food prices in supermarkets, restaurants and pubs. “Products including agave syrup, often used in margaritas, and plant bulbs will also see tariffs removed meaning keen cocktail-makers and amateur gardeners could enjoy lowered costs as the warmer weather approaches,” it noted. “These changes will ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... support key growth sectors such as advanced manufacturing and clean energy to compete with international rivals,” it added.
The cut follows the UK's move to reduce tariffs on certain imported goods including fruit juices from Peru and vacuum cleaners from Malaysia. PTI AK ZH ZH X X X X Extracts X X X X X X X X Extracts X X X X
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