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Halting commerce talks with Canada creates threat of tariffs, U.Okay. automotive trade warns – Nationwide | Globalnews.ca Categorical Instances

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Britain’s resolution to droop talks with Canada on a free commerce deal creates the danger of tariffs being imposed on British-made vehicles offered in Canada, the UK automotive trade warned on Friday, because it urged the 2 sides to return to negotiations.

Underneath Britain’s current commerce cope with Canada, which successfully rolled over after Brexit, UK carmakers can till April export autos containing EU-manufactured components to Canada with out going through tariffs.

“If UK automotive exports can’t use EU components and parts to keep away from further duties it creates a threat that tariffs, doubtlessly charged on prime of luxurious items taxes, may very well be reintroduced,” Mike Hawes, the chief govt of the Society of Motor Producers and Merchants, mentioned in a press release.

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“Canada is a vital marketplace for UK automotive exports and, given the shut ties between our two nations, the suspension of commerce talks is particularly disappointing and sends a sign that the UK’s world-class automotive merchandise should not welcome in Canada,” he added.

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Click to play video: 'Negotiations have begun on new trade deal between Canada, U.K., Ng says'

Negotiations have begun on new commerce deal between Canada, U.Okay., Ng says

Britain on Thursday suspended talks on a free commerce cope with Canada amid unhappiness on each side concerning the lack of entry to agricultural markets.

Since leaving the EU in 2020, Britain has been making an attempt to forge bilateral commerce offers throughout the globe. It’s at present negotiating a free commerce settlement with India.

(Reporting by Sachin Ravikumar; modifying by William James)

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