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No-Deal Brexit Could Cost $7 Billion in Car Tariffs, Lobby Says (Bloomberg)

Cars Photographer: Jasper Juinen/Bloomberg

By Lyubov Pronina
September 19, 2018

  • U.K. industry group publishes report on higher vehicle prices
  • Estimate is based on application of 10 percent levy on cars

A so-called Brexit without a trade deal between the U.K. and the European Union could cost the car industry and consumers at least 5.7 billion euros ($6.7 billion) a year in vehicle tariffs, according to a report by a British industry group.

The Society of Motor Manufacturers and Traders said Wednesday the estimate is based on levies of 10 percent on cars exports and imports from an industry that could also suffer production halts due to the split.

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