Britain, a beneficiary of the EU-US agreement? Tariff difference could favor British trade with partners
As world leaders and economists in Europe scrutinize the trade deal between the European Union and the United States, some experts have warned of negative consequences for the EU. But one unexpected beneficiary of the partnership could be the United Kingdom.
Under the pact, the European Union will face a 15% tariff on goods exported to the US, while Britain has agreed to a lower tariff of 10%. This will make British exports to the US relatively cheaper, increasing British trade opportunities with the US, economists explain.
Other experts have added that lower British tariffs could make purchasing products more favorable for American consumers, who may prefer UK goods to European ones.
The deal could also encourage European companies to move some of their production bases to Britain or expand there, especially low-profit manufacturers who face significant pressure from the new tariffs. Britain has spare manufacturing capacity after Brexit, making it an attractive destination for these companies.
The benefits for Britain are not only related to the lower tariff, but also to the fact that the EU managed to avoid a much higher 30% tariff that had been threatened by President Donald Trump. This avoidance is also positive for Britain, as escalating tariffs could negatively affect British exports to the EU.
However, the effect of the tariff difference of just 5% between Britain and the EU will be felt gradually, as existing import contracts expire and US importers seek suppliers with lower tariffs.
Experts warn that the effects are not yet clear, as the details of the agreement have not been finalized. Also, the increase in costs for consumers may appear with a delay.
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