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No-Deal Brexit Is Seen Bringing $7 Billion in Car Tariffs

  • U.K. industry group publishes report on financial implications
  • Estimate is based on 10 percent levies on passenger cars
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U.K., EU Aim to Break Brexit Deadlock as Time Runs Out
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If the U.K. leaves the European Union without a trade deal, the car industry and consumers could end up paying 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 car exports and imports, and that the industry could also suffer production halts due to the political split.