UK suspends import tariffs on 89 products

View of the cargo port at Liverpool port, UK. Photo: VNA

This measure takes effect immediately and will remain in place until July 2027.

According to an official press release updated on April 14, the tariff suspension will apply to a wide range of products, from everyday essentials such as pasta, fruit juice, spices and coconut oil, to industrial materials such as plywood and plastics used in construction and manufacturing. British officials estimate that the tariff cuts will save British businesses at least £17 million ($22.42 million) a year.

Consumers could benefit from the move through lower retail prices, particularly during the pre-summer shopping period. “Free and open trade drives economic growth, lowers costs and enables businesses to sell their products globally, which is why we are cutting tariffs on a range of products,” said UK Business and Trade Secretary Jonathan Reynolds.

British Finance Minister Rachel Reeves also emphasized that the above policy contributes to addressing people's concerns about the cost of living, while helping businesses develop in the context of increasing trade pressure from outside, especially after the US President Donald Trump's administration recently decided to increase taxes on many British exports.

NBO

Source: https://baoninhbinh.org.vn/anh-tam-dung-thue-nhap-khau-doi-voi-89-san-pham-834554.htm