It works both ways.
Correct. Which is why the UK needs to get a grip and stop telling others what to do and come to an agreement.
Just like imports/exports - if the EU start banning imports from the UK, then the UK just ban imports from the EU.
Actually it works both ways automatically. Its about actual trade rules. If the UK isnt complaint with EU rules then that means it has its own rules which means that EU goods would not be complaint with UK rules and thus trade doesnt happen.
The damage to the EU in both scenarios is as harmful to them as it is to the UK.
No, not really. The impact will be shared across the EU (some worse than others obviously). The impact on the UK will not be shared.
Hence, it makes sense for all parties to come to an agreement to keep thing moving for everyone's benefit. There'd be a massive outcry by tourist attractions/areas throughout the EU if they suddenly lost tourists from the UK
Yes but it depends if you think that UK tourists cannot be replaced by other countries. And ask a tourist company - do you want to target people who can come to your place easily and cheaply without visas etc or ones that have paperwork and other hoops to go through.
just as BMW in Germany would be massively damaged if they couldn't export to the UK.
But car companies benefit from EU rules. The UK want to end these rules but the car companies prefer being able to manufacture just as they do now. The UK market is not more important than a global supply chain and manufacturing centres in several countries.
The idea that the EU will come begging to us is laughable.