EU Trade Commissioner Cecilia Malmstrom has stated that tariffs will be applied to U.K. exports “from Day 1 if there is a hard Brexit” while some will be “very high”. The EU accounted for 48.8% of British exports in 2018 with no duties applied. In the event of a no-deal Brexit and until a trade deal is signed between the two, British exports may be subject to duties at the EU’s World Trade Organization rates. On the basis of the EU’s WTO tariffs and EU data for 2017 exports from the U.K. to the EU a no-deal Brexit could lead to 6.06 billion euros ($6.84 billion) in duties being applied t...