United News of Bangladesh

The UK government is to reveal a new plan for trade aimed at boosting exports and safeguard British companies from cheap foreign imports, especially during economic times.  It is also concerning that cars and steel predestined to be sold in US might be converted to UK shores as Donald Trump’s tariffs make it costly to sell in America. The plan will be declared during the annual British Chambers of Commerce (BCC) conference in London on Thursday, reports BBC. A one-sided trade strategy is difficult to achieve as it’s a matter of international give and take and is focused on strengthening offence and defence. One offence strategy outlined is that there will be more government financial support for exporters, and help comprehending complex trade rules, whereas the significant part is defence particularly for cars and steel industries. Asian shares mixed as markets take breather after recent volatility Unlike the EU, the UK has not placed steep tariffs on electric vehicles made in China, and its existing protections against low-cost steel imports are set to end in 2026. Thus, a surge in Chinese cars could make it harder for UK manufacturers to compete. The government is to highlight on boosting the UK's export of services, and showcase the recent achievement of a free trade deal with India following prolonged negotiations. It will also focus to closer trading ties with the EU and being the first country to be in good terms with the Trump White House on tariffs. However, Andrew Opie of the British Retail Consortium, which represents retailers, said that though the UK's trade deals were beneficial, the larger win for consumers would be "swift action" by the chancellor on abuse of the "de minimis" rule, which allow low-value packages to enter the UK tax-free. Using such rules has increased in the past decade. Planned for consumers purchasing goods for personal use from abroad, some businesses have used it to avoid paying tax on their goods.