Some companies will need to pay inspection fees, seek import licenses and figure out how to account for value-added tax. Few industries will likely feel the disruption more than the $88 billion two-way trade in cars between Britain and the EU. “Trade in goods will be heavily impacted by barriers to trade in the form of new customs procedures," it said. Some car companies, such as Aston Martin Lagonda Holdings PLC, have said they may fly parts into the UK to get around future disruption. Toyota, for instance, has typically held only four hours on the production line at its UK car plant.

Source: Mint December 26, 2020 09:11 UTC