UK trade minister Truss says NHS will not be put up for sale: The Telegraph

Reuters ^ | July 28, 2019 11:31 PM | Bhargav Acharya

[Cronos]

if we unilaterally lowered tarrifs

If there is a No-Deal Brexit the WTO comes into force. The UK will then have to give a confidence and concession schedule whereby they list the amount of goods they are prepared to import per year.

Then the rest of the members of WTO which about 164 countries will be given 3 months to object.

But countries which includes Brazil, Russia and Argentina, can put their objections to the UK’s confidence and concession schedule. Then they have to await for the WTO Adjudication for one year. In the meantime they could, if they wished, flood the UK’s economy with cheap food and cars.

Note that if the UK dropped all tariffs on EU made goods, it would need to do that on all imports from ALL other countries as per WTO non-discrimination rules

The UK would instantly lose negotiating leverage. It would then have no tariffs to negotiate away. While other countries would now enjoy tariff free access to UK markets, while continuing to protect their own markets.

The problem is the consequences. Once tariff-free imports of a product are available from places with far lower wages, quality standards, human rights and checks and balances it becomes very hard for the UK to compete on that product with all the extra costs UK standards and rights cost you.

As perfect example is Chinese Steel - a tariff increase was put forwards to protect European steel manufacturing, including ours.The UK vetoed it, then blamed the EU for the UK steel industry declining because it couldn’t compete.

[Cronos]

if we unilaterally lowered tarrifs

So let's assume that the UK does this. It would need to be lowered to 0 to keep it the same as now.

It solves the problems of tariffs, but what about cross-border checks? Now there are no checks on lorries between France and the UK - you'll need to implement them post-Brexit

Then, at the same time other countries sue via WTO that they also want zero tariffs -- so the USA, India, China etc. all get into the act.

[Cronos]

The American "threat" to the NHS is about removing the NHS monopoly on purchasing medication. Right now the prices of drugs in the UK is far lower than the US, thanks to NHS bargaining power.

Eliminating this is what Big pharma wants.

The net result would be more expensive medication for UK patients

[Cronos]

They have little to nothing to trade with the USA that isn’t dependent on having no borders with other EU countries.

[Cronos]

The ironic thing is that Brexit will end up weakening the banking center of London in the same way as Cameron fought against.

[sinsofsolarempirefan]

Britain’s manufacturing industry is heavily high tech and not easily replicated in third world countries, but Britain does not produce many raw materials (even the iron ore and coal used to produce UK steel has to be imported now) this would reduce the cost of raw materials to UK industry. With the lowering of the pound, our manufacturers would suddenly find their products more competitive.

[SunkenCiv]

The only resource any country has is its people, and trade always enhances both sides of a transaction. If it didn't, there would be no transaction.