The UK government could cut trade tariffs by up to 90% on some goods in the event of a no-deal Brexit, according to reports.
Up to a fifth of key products will maintain their current tariffs, such as cars, beef, lamb and dairy and some textiles. However, certain products like car parts and some agricultural produce will have their tariffs cut altogether.
The government has said it will make an announcement on tariffs once the decision has been made.
Some business owners, particularly farms, have expressed huge concerns over cutting tariffs on overseas products because it would harm quality standards and adversely affect British industries. Many Brexit supporters have argued that cutting tariffs should be cut altogether to reduce prices for consumers.
Business Secretary Greg Clark has said new tariff schedules would only be announced after next week's crucial Brexit vote in the House of Commons, and if it became clear that the UK would be leaving without a deal.
He told the BBC "We have been consulting with different industry sectors on this. It has big implications for different sectors. Ceramics is an industry that I know very well. It has been subject to very unfair competition, to dumping of very cheap ceramic exports from the Far East, from China".
The Department for International Trade said: "If we leave the European Union without an agreement, our tariffs will need to strike a balance between protecting consumers and businesses from possible price rises and avoiding the exposure of sensitive industries to competition."