The Government has announced a temporary suspension of import tariffs on 89 everyday products ranging from pasta, spices and fruit juices to gardening supplies. Overall, these cheaper imports will save businesses at least £17 million per year for the two years that the tariff is reduced to zero, until July 2027, the Department for Business and Trade (DBT) said.
The UK Global Tariff applies to goods entering the UK that do not qualify for preferential treatment under, for example, a free trade agreement. 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.
The products covered by the latest suspension include plywood and plastics, which are essential for construction. Products including agave syrup, often used in margaritas, coconut oil, pine nuts and plant bulbs will also see tariffs removed with the Government expecting savings to be passed on to consumers by way of lower food prices in supermarkets, restaurants and pubs.
Business and Trade Secretary, Jonathan Reynolds, said: “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 make Britain the best country to do business, delivering on our Plan for Change”.
The Government expects the changes to support key growth sectors such as advanced manufacturing and clean energy.
