The UK is preparing to raise tariffs by up to 50% in the steel sector
The UK government is preparing to announce its new strategy for the steel sector this week. On Thursday, Peter Kyle will present the strategy at the Tata Steel plant in Port Talbot, UK. According to the planned strategy, quotas for many imported steel products will be reduced, and imports beyond these quotas will be subject to a customs tariff of 50%. Industry sources claim that these tariffs will be brought in line with the levels applied in Europe, Canada and the United States. Limited benefits will be provided for some products that are not produced in the domestic market. Last October, the European Union planned to significantly reduce steel import quotas and impose a 50% tariff on excess quotas. These measures will replace the existing protective measures in both the EU and the UK, which expire at the end of June in accordance with the rules of the World Trade Organization. Britain's long-delayed steel strategy will include new trade protection mechanisms that will replace current "steel protection" measures. Tata Steel officials in the UK said the government has an eight-week deadline to protect the sector from the pressure of cheap imports. However, industry sources stress that importers will not receive all the benefits they expect, and that producers in the processing sectors will be at risk if the government imposes too strict restrictions. The government's statement stated that the goal is a sustainable future for steel production and employment in the UK, and the strategy will be published soon.
Author: SteelRadar Editorial Team
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