Ahah, back to a subject we all know about!
Trex you are indeed right and I cannot deny in the game of duties, export and import there would be winners and losers on both sides of the channel
That's why I think pragmatism will prevail, but if not then please consider
on average duties nowadays are quite low. I import and export. It has been said in case of our exports to Europe this could amount to 2.5% overall, frankly this pales into insignificance of the spread of movements of ex rate even within one year, which is a normal trading conditions our businesses deal with, coupled with the most likely scenario of a weakening pound, it does not take much to wipe out this duty effect
Now Turing to imports, should EU adopt such a crazy response then it would be perfectly up to us how to apply import tariffs at our discretion, if we so wished, although I would not advocate trade war responses
Finally we would now be free to buy and sell anywhere in the world, which frankly is what we are good at when unshackled by European self protectionism
There is clearly uncertainty, which I believe is largely a short term scenario
But again uncertainty is a business reality, unless we crawl under a rock, (not a bad analogy me thinks)