How Brexit affects the European automobile industry.
Britain is scheduled to quit the EU on October 31 but businesses have grown increasingly concerned at Prime Minister Boris Johnson's apparent lack of progress towards a new withdrawal deal to replace the proposals of his predecessor Theresa May, which the British parliament rejected three times.
"The UK's departure from the EU without a deal would trigger 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," they wrote in Monday's statement. If the two sides revert to World Trade Organisation trading rules, the likely consequence of a disorderly Brexit, the groups warned that the necessary tariffs will add 5.7 billion euros to the EU-Britain car trade bill.
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