The British government released a
temporary tariff regime hours before lawmakers are expected to vote against splitting from the European Union.
These tariffs would last up to 12 months and it is expected that the proposition will be rejected, after lawmakers overwhelmingly voted against Prime Minister Theresa May’s Brexit plan for a second time this week. There is concern that if the country leaves the E.U. on the scheduled Brexit date of March 29 without a deal, there could be higher prices on an array of imports ranging from cars to butter.
After more than 40 years of free trade with the E.U., it is believed that these proposed tariffs would have an immensely negative impact on the British economy by driving up costs for businesses, reducing investment and threatening jobs.