Garrod and Shapiro write that after the UK’s departure from the European Union, “goods will no longer circulate tariff-free and without border-formalities.” Additionally, the UK “should no longer have to pay £8.5 billion (net pa) into the EU budget.”
In the United States, the article notes that President Trump has suggested a 45 percent tariff on China’s imports as well as taxing imports from Mexico and “unraveling NAFTA.” Economists and other observers, the authors write, “have warned against such protectionist measures on the grounds that they could depress global trade, and trigger trade wars.”