LONDON (Reuters) – European corporations face potential tariffs of as a lot as 14 billion kilos ($18.28 billion) a 12 months if the Britain and the European Union fail to succeed in a commerce settlement, Britain’s commerce minister Liam Fox stated on Monday.
Britain’s International Trade Secretary Liam Fox arrives to handle the Conservative Party Conference in Birmingham, Britain September 30, 2018. REUTERS/Toby Melville
“If we got no agreement with the European Union that would be very harmful to European trade too. European businesses would have to pay tariffs to access the UK’s market, possibly to the tune of as much as 14 billion pounds a year,” Fox instructed BBC TV.
“That is quite a big business tax to apply to European businesses. It is everyone’s interest that we reach an agreement and do it as quickly as possible.”
Reporting By Andrew MacAskill; modifying by Michael Holden