Britain to Face ‘Inevitable’ Tariffs After Brexit, Hungary Says
- Brexit may feed eastern unrest in two-speed EU, minister says
- Euro area may be dividing line between core Europe, the rest
Mihaly Varga.
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The U.K. will face “inevitable” tariffs from the European Union after Brexit, and its departure may speed the creation of a two-speed trading bloc, Hungarian Economy Minister Mihaly Varga said.
The single currency area may prove a dividing line between core European states and the rest, threatening the development of eastern members outside the euro area and potentially igniting social unrest, Varga said in an interview in Budapest Monday. The British Chambers of Commerce recommended in a report on Tuesday that the U.K. push for low tariffs and ensure there’s no sudden disruption to trade.