While much of the talk over the past three-and-a-half years has been on how Brexit will impact the UK, Britain’s departure from the EU means the bloc’s businesses has plenty at stake. Bloomberg reports that previous exports from remaining EU member states to Britain revealed that of the €301.2billion (£254billion) of goods exported in 2018, €47.3 billion would be exposed to the new tariffs. This totalled around 16 percent.
The comprehensive list includes around 500 items from cheese to tires, with all being subject to rates and quotas.
The levies are put in place in order to protect British producers.
Germany will take the biggest blow, with €18.8billion (£15.9billion) of goods that will be subject to tariffs should the UK not strike a deal with the EU.
In particular, German car sector leaders warned a no deal scenario would cause “a seismic shift in trading conditions, with billions of euros of tariffs threatening to impact consumer choice and affordability on both sides of the Channel”.
It comes as the EU will downsize in just three days as the UK finally leaves the bloc after nearly four years of tense negotiations.
Despite this, Scotland’s First Minister Nicola Sturgeon hinted she will fly the EU flag in protest of Brexit taking place on Friday.
The SNP chief and ardent Remainer has ordered civil servants to continue to fly the colours of the EU over St Andrew’s House in Edinburgh after the UK finally leaves the bloc on January 31 at 11pm, according to the Daily Telegraph.
The EU flag will fly high over the Scottish Government’s administrative base – over the weekend – despite Scotland no longer being members of the European Union.
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Ms Sturgeon has described January 31 as a “sad day for Scotland” and insisted a “future in Europe can only be achieved by Scotland becoming an independent country”.
The First Minister said: “Friday will be a sad day for Scotland as we are taken out of the European Union against our will.
“While the impacts on business and citizens may not be immediate, there is no doubt that from 11pm on Friday, January 31 there will have been a material change in Scotland’s circumstances against the wishes of the vast majority of people in Scotland.
“It will also be clear that a future in Europe can only be achieved by Scotland becoming an independent country – and it is hope of a better future that must now be our focus.”