UK: Britain’s big decision amid fears of trade war, removes import duties from 89 products for economic growth

New Delhi| Britain has taken a big decision amid fears of a trade war increasing after US President Donald Trump imposed tariffs. The UK has announced a cut in import duties for 89 products, from pasta, fruit juices and spices to everyday essentials, to boost economic growth. UK Global Tariffs will be temporarily suspended on 89 products, the UK Department of Business and Trade said. This will save UK businesses up to around £17 million (GBP) annually.

Britain’s Trade Secretary Jonathan Reynolds said free and open trade enhances economies. Reduces prices and helps the business sell to the world. We are therefore cutting tariffs on a range of products, from foodstuffs to furniture. This will reduce the cost of everyday items and consumers are expected to benefit from the savings.

He said that we are facing a new era of global trade. The government is moving rapidly to make Britain the best country to do business and is fulfilling our plan for change. We are negotiating trade deals with partners such as India, the Gulf Cooperation Council, South Korea and Switzerland to open up opportunities for businesses, boost jobs and growth.

UK Chancellor Rachel Reeves said that in a changing world we know people are worried about the cost of living. Businesses are uncertain about their future. We have therefore announced a reduction in prices on imports of everyday essentials. Which will help businesses to flourish and customers to get the benefits of savings.

Sean McGuire, director of the Confederation of British Industry (CBI), said the government’s move to suspend import duties on many products should be applauded in the face of an uncertain and unpredictable global trade environment. Such measures will be crucial to help ease financial pressures on firms and promote growth for businesses of all sizes nationwide.

There will be a reduction in prices
The UK Department of Business and Trade said the benefits of savings to businesses on products such as pasta, fruit juices, coconut oil and pine nuts could be passed on to consumers during the summer season. This will reduce the prices of food items in super markets, restaurants and pubs. Apart from this, tariffs will also be removed on products like agave syrup and bulbs used in margarita. The department said the changes will help key growth sectors such as advanced manufacturing and clean energy compete with international rivals.