Brexit Tariffs May Cost Car Industry £4.5B A Year, Group Says

Law360, New York (November 30, 2016, 3:14 PM EST) -- A U.K. automakers trade group said Tuesday that import and exit tariffs could cost the industry £4.5 billion ($5.62 billion) a year if Britain fails to retain single market access to the European Union post-Brexit.

A 10 percent import tariff would add £1,500 to the average price of an imported car, making it imperative that the U.K. win market access in Brexit negotiations, the Society of Motor Manufacturers and Traders said in a statement.

"We made our case, but the British people chose to vote out, and that decision must be respected," SMMT President Gareth Jones said in a speech at...

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