If Brexit deal is not resolved, both sides face spiralling tariffs

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If Brexit deal is not resolved, both sides face spiralling tariffs

This can include adverts from us and 3 rd parties based on our understanding. If no resolution was found, Joachim Lang, Managing Director of the Federation of German Industries BDI suggested that both sides faced spiralling tariffs and other unspecified countermeasures. Ms Lang was speaking after European Commissioner Maros Sefcovic highlighted several key compromises, including an 80 percent reduction of checks and regulations applying to goods entering Northern Ireland.

Significant hurdles remain, given Mr Sefcovic had also brushed aside calls by Brexit Minister Lord David Frost for the EU to remove the role of the European Court of Justice in adjudicating over the Protocol, the mechanism previously agreed to prevent a hard border on the Island of Ireland. Mr Lang said: Neither the British nor the EU are allowed to shake the treaty. Both sides must stand by their obligations without any ifs or buts.

Stability is necessary in the new partnership, so that mutual investments will continue to be successful in the future. He added: The British Government cannot refuse to act constructively in the implementation of the Northern Ireland Protocol. Otherwise, everyone involved will have to fear tariff spirals and other countermeasures in trade policy. Maros Sefcovic, vice president of the European Commission, said Thursday that discussions around the Northern Ireland Protocol will not be a renegotiation. The UK Government welcomed the announcement of intensive checks on Wednesday, signalling it wants reduced talks to follow the EU's proposals. However, at the same time, a Government spokesperson said there have to be substantial changes to the Northern Ireland Protocol in the Brexit Withdrawal Agreement if there is to be a durable settlement Lord Frost is expected to meet Mr Sefcovic on Friday in Brussels to discuss ways to break the deadlock. Speaking after talks with Northern Ireland's political leaders, Mr Sefcovic said he had no mandate to renegotiate protocol. He told BBC: We should do the last mile, put up all proposals on the table, work constructively to work it over. I think that we could be on the home stretch with our proposals on the table and let's try to solve all these issues before Christmas.