Import tariffs could add 10 per cent to the cost of German cars purchased in Britain if the UK leaves the EU without a trade deal, a Berlin-based trade body has warned.
If no deal is struck, German cars sold in the UK would be subject to 10 per cent responsibility under world trade Organisation rules. Steffen Behm from the association of German Chambers of commerce and industry said ought to such a scenario arise, either the German exporter or the British importer would pay the levy, but cautioned that “in numerous cases the importer would pay the customs duty”.
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Germany exported 950,000 cars – worth €20.8billion – to the UK last year, so Brits could pay an extra €2.08billion yearly on top of current prices if no deal goes ahead.
And it’s not just German trade bodies cautioning of potential price rises, either. The society of motor producers and Traders (SMMT) has previously cautioned of £2.7billion being added to the cost of imported cars with prices rising by around £1,500 per vehicle, ought to a favourable deal not be struck.
It’s predicted potential new tariffs could push up the price consumers pay for new cars imported to the UK from the continent if brands and retail networks are unable to absorb the additional costs