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The UK Government is out with its post-Brexit tariff plan on Monday, announcing GBP30 billion tariff cuts after the transition.

Key takeaways

“Global tariffs to replace EU common external tariffs starting from 1 January 2021.”

“Tariffs to be maintained for agricultural products like beef, lamb, poultry.”

“10% tariff on cars will also be maintained.”

“Almost all pharmaceuticals, medical devices will be tariff free.”

Market reaction

The above announcement strengthened the bid tone around the pound, as GBP/USD extends the UK jobs data led gains to 1.2245. The spot is up 0.40% on the day.

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