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There may not be "any automatic process by which some default set of [WTO] tariffs will kick in", but there is agreement among signatories "cut and bind" tariffs declared in any trade agreement between signatories to bound rates and applied rates which may NOT exceed maximum amounts acceptable to all 123 signatories. To "cut" is to decrease duties demanded by any party, since Uruguay Round.

UNDERSTANDING THE WTO: BASICS

GET TARIFF DATA

Though spectators admit UK gov't exit from EU-WTO commitment poses practical challenges in creating bi-lateral treaties with 123 nations, few have admitted UK gov't unilateral strategy to increase customs rates on any counterparty will immediately provoke WTO panel arbitration.

For this reason as well as declining domestic demand for imported goods and services (weak PPP), expecting growth of UK customs revenue is improbable.

Diversity is the key to economic and political evolution.

by Cat on Mon Aug 21st, 2017 at 03:32:17 PM EST
[ Parent ]
World Tariff Profiles 2017 provides comprehensive information on the tariffs and non-tariff measures imposed by over 170 countries and customs territories.

This is a 250pp WTO publication which you may download (digital format) free of charge. More detailed statistical reporting is offered elsewhere at the website.

Diversity is the key to economic and political evolution.

by Cat on Mon Aug 21st, 2017 at 03:40:59 PM EST
[ Parent ]
How dare the WTO violate our sovereignty like that? If you're right, we need a referendum on leaving the WTO. Farage, what are you waiting for?
by gk (gk (gk quattro due due sette @gmail.com)) on Mon Aug 21st, 2017 at 04:07:17 PM EST
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Trump to denounce UK currency manipulation?

Diversity is the key to economic and political evolution.
by Cat on Mon Aug 21st, 2017 at 04:21:39 PM EST
[ Parent ]

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