At the eight digit commodity code level, to be technical about it, roughly 9,500 different products are imported into the UK. There are five different types of butter, eight types of cheese, two types of bananas, 18 types of rice, four types of tyre, and 68 types of automotive vehicle. But at the eight digit level, tariffs are imposed on 7,000 of those goods today. In a no-deal Brexit, as the government set out this week, only 469 will face any tariffs at all. At first glance, that seems like an astonishing transformation in Britain’s terms of trade.
Source: The Times March 15, 2019 17:15 UTC