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UK to exempt 88% of imports from tariffs in no-deal Brexit

The U.K. government updated its temporary tariff regime for a potential no-deal Brexit scenario, saying 88% of total U.K. imports by value would qualify for tariff-free access.

As part of the amendments, the government lowered tariffs applicable on trucks entering the U.K., adjusted tariffs on bioethanol and imposed tariffs on some clothing products.

The changes seek to ensure that the country is ready to leave the European Union [on] Oct. 31, "whatever the circumstances" be, the government said.

The tariff regime would apply for up to a year, as consultation on a permanent trade policy is due to begin in January.

The government also announced a review process that will be introduced on the day the U.K. leaves the EU, to facilitate any changes to the temporary tariff regime, if needed.

"The U.K. will be leaving the EU on 31 October and we are working with businesses to ensure the U.K. is ready to trade from day one," U.K. Trade Policy Minister Conor Burns said.