Breaking: U.K. to announce Australia trade pact on Tuesday 1/ bloomberg.com/news/articles/…
Broad terms of the agreement were finalized between Boris Johnson and Australian PM Scott Morrison at a dinner on Monday night 2/
Key question is the detail for farmers - we're expecting features like long transitions on cutting tariffs, to give British farmers chance to adjust to cheaper imports 3/ bloomberg.com/news/articles/…
Context - Australia is the U.K.'s 20th-largest trading partner globally, making up 1.2% of Britain's total trade in 2020. (Trade with the EU made up about 50%) 4/
And remember, the government's own scoping assessment of a deal with Australia predicted it would boost the size of Britain's economy by 0.02% over 15 years 5/ gov.uk/government/pub…
Ultimately, this is the chart that the British government needs to prove wrong - can a succession of trade deals with distant countries where tariffs are largely low anyway justify erecting significant trade barriers with your biggest and closest market? 6/ 
It's now an empirical exercise - let's see what happens to the trade flows. And my colleagues @lizzzburden and @pogkas have made a sterling start with this trade tracker ends/ bloomberg.com/graphics/uk-tr…
U.K. government says the agreement in principle will be published in the coming days.
Key line for farmers: `British farmers will be protected by a cap on tariff-free imports for 15 years, using tariff rate quotas and other safeguards'
Now waiting for NFU reaction...
Key line for farmers: `British farmers will be protected by a cap on tariff-free imports for 15 years, using tariff rate quotas and other safeguards'
Now waiting for NFU reaction...
`Australian producers and farmers will receive a significant boost by getting greater access to the UK market' - the Aus govt verdict on trade deal 9/ bloomberg.com/news/articles/…
Details of changes for farmers have been published by the Australians here -- effectively a 15-year transition period for tariffs on beef and sheep meat trademinister.gov.au/minister/dan-t…
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