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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.



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
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