What are tariffs and how do they affect the prices consumers pay?

The government has announced that tariffs would be slashed to zero on 87% of imports should Britain crash out of the EU without a deal, while keeping higher border taxes on some sensitive products.

Here is how the plan might work.

Tariffs are border taxes charged on foreign imports. Importers pay them upon entry to the customs agency of the country or bloc imposing them – in Britain’s case .