German Business Under Attack In Brexit Pincer Movement
ProACT Sam highlights how German industry is being squeezed coming up to the 18th October EU Summit meeting at which the UK and EU could agree a withdrawal treaty or not.
German Export Trade
German exports of $186 billion dollars to USA & UK could be hit by WTO tariffs if the EU doesn’t agree a way forward for UK brexit.
The WTO world trade organisation has been investigating the EU for 15 years over state airline subsidies and ruled in favour of the USA enabling them to apply $7.5bn of tariff.
The USA choose to announce they intend to apply them from 18th October 2019.
Deal or No Deal
18th October is the summit date at which a withdrawal treaty or no deal Brexit could be agreed.
If the UK leaves with no deal WTO will apply to German Exports to the UK.
Transition Time
If a withdrawal treaty is agreed the UK and EU go into transition time allowing an extended period to 31st December 2020 where there is status quo for UK-EU trade while a trade deal is agreed.
It might allow the USA to grant time to EU to negotiate a settlement on their tariff dispute.
Reciprocal Benefits
Could this help make a reciprocal agreement for 31st October Brexit Withdrawal by the UK?
Trade still needs to be discussed after the UK leaves the EU. Brexit happening could give more certainty to Expat Business Living and Working Abroad in the EU.
ProACT Know How
ProACT Expat Experts are here to help, if you need any help and assistance Living and Working Abroad, contact us for residency, tax registration, starting a business and protecting assets plus the latest EU Brexit for Expats Contact us.
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