Ford Motor Co. said it will be hit twice by U.K. tariffs to be imposed in the event of a no-deal Brexit.
The U.S. company, which only makes engines in Britain, would be taxed on exporting them to assembly plants in mainland Europe and then face import duties for bringing finished vehicles back to the U.K. for sale, it said in a statement Wednesday.
Competitors that manufacture engines elsewhere and then ship them to the U.K. for assembly, by contrast, would incur no charges thanks to a tariff-free regime that Prime Minister Theresa May's government plans to offer for auto-component imports. And the same companies could then satisfy the demands of the local market direct from their British plants, also tariff free.