Thread by @DmitryOpines

A trade weighted version of the UK's 3 tariff regimes (EU28, Temporary No-Deal and the ones just released).

Somewhat hesitant to share this as it's VERY open to misinterpretation, but doing so since @StevePeers asked.

Question:

"What the fuck am I looking at here, nerd?"

Answer:

"The value of all goods the UK imported in 2018, from everywhere, broken down by the tariffs that would have applied to them under the three UK tariff regimes."

Question:

"But the UK was in the EU and has FTA's and grants developing country preferences..."

Answer:

"Absolutely. All correct. This chart doesn't take any of that into account. It's just there to give you a very general comparison of how restrictive the regimes are."

Question:

"That's a lot more yellow and red on the right. Does that mean I've now missed out on massive savings?"

Answer:

"Probably not. These new tariffs likely assume the UK and EU are going to get a tariff eliminating deal done, plus FTA rollovers and preferences."

Answer Cont.

"So in practice, most of the goods on your shelves will end up paying lower or no-tariffs, unless there's a key industry the UK really wants to product.

Also remember, a 5% tariff virtually never translates into a 5% price difference on the shelf."