- UK Government Review of Low Value Import Scheme: The UK government is considering ending its Low Value Import scheme, which allows goods valued under £135 to enter the country tariff-free, amid concerns over a potential surge in cheap imports from China following the U.S.-China trade war. Chancellor Rachel Reeves emphasized the need to protect British retailers from unfair competition.
- International Context and Retailer Concerns: The review aligns the UK with similar actions by the U.S. and EU, both of which plan to abolish their own low value import schemes. Major UK retailers support the review due to rising concerns about the influx of non-compliant products, while smaller businesses warn it could complicate exports and increase consumer prices.
- Calls for Support and Monitoring: The government aims to enhance monitoring of trade data to identify import surges and accelerate protective measures against unfair trade practices. Industry leaders stress the importance of simplifying trade processes for small and medium-sized enterprises (SMEs) to mitigate the impact of potential changes to the low value import relief.
Sources
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