Foreign-made Cars Subject To 10.6% Import Tariffs Under Official No-deal Brexit Guidance
Cars made outside the UK and imported here for sale will be subject to 10.6 per cent important tariffs under official no-deal trade rules. The UK's automotive manufacturing industry produces around 1.5 million cars each year, but 1.2 million of these are exported, meaning almost all of the 2.3 million cars we bought in 2018 were imported. Following the vote, Volkswagen was clear that additional costs caused by no-deal would be passed on to consumers. Ralf Brandstatter, chief operating officer of the VW brand, called the result 鈥渄isappointing鈥? adding: 鈥渋f tariffs should come then we probably would also have to think about pricing. The society of Motor Manufacturers and Traders (SMMT) has previously estimated no-deal tariffs will add an average of 拢1,500 to the cost of a new car. With profit margins in the industry often as low as five per cent, the ability and willingness of Manufacturers and dealers to absorb additional costs are minimal. Confirmation of the 10.6 per cent tariff makes Porsche's decision in February to potentially impose an identical surcharge on new orders a wise move. As news of last night's defeat of May's deal, and official tariff guidance broke, the SMMT issued alarm bells warning of the consequences of no deal. Mike Hawes, CEO of the SMMT said the vote "leaves us perilously close to the 鈥榗liff edge'". Calling a no-deal scenario "catastrophic for the automotive industry", Hawes said the tariffs: do 鈥渘ot resolve the devastating effect a 鈥榥o deal鈥橞rexit would have on the automotive industry. No policy on tariffs can come close to compensating for the disruption, cost and job losses that would result from 鈥榥o deal鈥? Hawes called it 鈥渟taggering that we are in this position with only days until we are due to leave. Every day 鈥榥o deal鈥?remains a possibility is another day companies pay the price in expensive contingency measure. What do you think of foreign-made cars having a 10.6% tariff charge?
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