Customs Duties: Percent and Car Output

customs duties: These customs duties average 1.5 percent, which is still quite low, according to The Japan Times. But they can be higher in some sectors such as the crucial automotive sector where they are 10 percent. The warning came as Jaguar Land Rover said its new Land Rover Defender model would be assembled in Slovakia but did not blame the move on the U.K.'s departure from the European Union. ; The Society of Motor Manufacturers and Traders SMMT said the worst-case scenario would be for Britain to depart the EU without a deal struck with Brussels, forcing it to endure tariffs set by World Trade Organization rules. Should Britain crash out of the EU and fall back on WTO rules for a sustained period, U.K. car output is forecast to fall around 30 percent on recent levels to just 1.07 million units by 2021, a level consistent with the dark days of the mid-1980s, the SMMT said in a release. The SMMT on Tuesday added that in the event of a favorable deal and transition period maintaining the status quo, U.K. car production could be 1.36 million units in 2019, down from 1.52 million in 2018, before rising to 1.42 million by 2021. Britain is due to leave the European Union on Oct. 31 after two delays this year triggered by MPs rejecting the divorce deal British Prime Minister Theresa May has struck with the bloc. (news.financializer.com). As reported in the news.