Brexit Watch: Autos enumerate tariff trouble, steer supply chains out of EU

Brexit 158 China 2728 Cons. Discr. - Autos 1012 European Union 704 Japan 540 U.S. 4848 United Kingdom 305

The U.K. automotive industry could face costs of £55.4 billion pounds ($74.8 billion) over five years if a new trade deal with the EU is not reached according to the SMMT industry association. Increased tariffs on shipments to the EU are the main issue. The EU accounted for 41.1% of U.K. road car exports in the 12 months to Sept. 30. Total exports fell by 13.9% year over year in September as the pandemic-related drag continued. Imports of components also face disruptions if a new preferential customs arrangement isn’t reached. VW’s Bentley is booking air freight capacity and Peugeot has ...

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