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July 28, 2022, admin

Britain to introduce new tariffs on overseas steel to protect UK producers

The United Kingdom is set to impose new tariffs on foreign steel imports to protect domestic producers from a “flood of cheap steel imports.” The government will impose new “safeguard” import restrictions on several developing nations while announcing a two-year extension of tariffs on developed countries and China.

Anne-Marie Trevelyan, secretary of international trade, proposed a two-year extension of tariffs and quotas for 15 categories of steel products after reviewing a report from the Trade Remedies Authority (TRA). In addition, the TRA informed Trevelyan that India, Tunisia, Vietnam, and Turkey had all exceeded their import quotas for developing nations, meaning they are now liable for the tariffs already imposed on developed countries. Additionally, Brazil and South Korea could be affected.

The move has also received positive support from the industry, including Gareth Stave, director general of UK steel, in spite of the fact that he struck a note of caution.

“Today’s decision to maintain the UK’s steel safeguard demonstrates the government’s support for the British steel industry,” said Steel, who cautioned that tariffs should be used only as a temporary measure. “It is imperative that we work with partners such as the EU and the United States to address the fundamental issues destabilising global steel markets,” he said. “Safeguards are not a long-term solution, and the objective here is to create a global steel market where everyone follows the same rules.”

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