Trade After Hard Brexit: WTO Rules Explained

The video discusses the UK's impending exit from the EU, known as Brexit, and the potential outcomes if no deal is reached. It explains the implications of a hard Brexit, where the UK would leave the EU without any agreements, leading to a 'cliff edge' scenario. The video delves into the World Trade Organization (WTO) rules that would govern UK trade in the absence of EU agreements, highlighting the challenges and changes the UK would face. It also covers the UK's need to establish its own trade schedules and the potential objections from other WTO nations.

What is one of the main reasons some people voted for the UK to leave the EU?

• To reduce environmental regulations

• To increase immigration

• To join the Eurozone

• To regain control over trade

What is a 'hard Brexit'?

• A Brexit with a comprehensive trade deal

• A Brexit that keeps the UK in the EU

• A Brexit with no deal in place

• A Brexit that only affects immigration policies

What does the WTO stand for?

• World Transport Organization

• Western Trade Organization

• World Tariff Organization

• World Trade Organization

Under WTO rules, what happens if the UK leaves the EU without a trade deal?

• The UK will trade under WTO rules

• The UK will automatically have free trade with all countries

• The UK will have no trade restrictions

• The UK will have to stop all trade

What are WTO schedules?

• A document outlining tariffs, quotas, and subsidies

• A timetable for Brexit negotiations

• A list of UK trade partners

• A list of countries the UK can trade with

What is the purpose of tariffs according to WTO rules?

• To protect local industries

• To encourage imports

• To reduce inflation

• To increase government revenue

Why might other countries object to the UK's WTO schedules?

• To reduce global trade

• To help the UK join the EU again

• To support the UK's economy

• To gain better trade terms for themselves

What is a potential consequence of the UK setting lower quotas than the EU?

• More favorable trade deals

• Higher tariffs on exports

• Decreased control over imports

• Increased imports

Which countries objected to the UK's first attempt at WTO schedules?

• Australia, Canada, and Mexico

• China, India, and Japan

• Brazil, USA, and Argentina

• Germany, France, and Italy

What is the projected impact on UK trade with the EU if no deal is reached?

• Trade will double

• Trade will increase by 40%

• Trade will remain the same

• Trade will fall by 40%