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    A two Euro coin is pictured next to a one Pound coin on top of a portrait of Britain's Queen Elizabeth in this file photo illustration shot March 16, 2016.

    EU to Put Tariffs on UK Goods If No-Deal Brexit While London Plans to Cut Duties

    © REUTERS / Phil Noble
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    MOSCOW (Sputnik) - The European Union will introduce tariffs on UK exports and imports in case of a no-deal Brexit, the chief spokesman for the European Commission said Wednesday, several hours after the UK government reportedly announced plans to cut tariffs on most of the imports in a no-deal scenario.

    "We take note of the United Kingdom's plans for temporary tariffs in the case of no deal. We will carefully analyse the compliance of the UK plans with [World Trade Organisation] WTO law… In the event of no deal, the Union has already made clear that it will apply its normal third-country trade regime to all trade with the United Kingdom", Margaritis Schinas told a press conference.

    READ MORE: The End of Brexit or Brexit till the End?

    According to UK media reports, the UK government wants to lift duties off 87 percent of imports on a temporary basis in a bid to protect businesses and consumers from a sudden increase in costs.

    The UK House of Commons is set to vote on a no-deal motion later on Wednesday after rejecting, a day earlier, the withdrawal deal agreed by the UK government and the European Union.

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    Tags:
    no-deal Brexit, duties, Brexit, tariffs, World Trade Organization (WTO), European Union, United Kingdom
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