UK to challenge EU over ‘devastating’ plans for new tariff-free steel import quotas
Summary
The UK government plans to cut tariff-free imports of steel by 60% starting July 1, while the EU plans to reduce similar imports by 50%. Both sides are concerned this will harm their steel industries, which rely on trade with each other and face competition from China. UK and EU officials are meeting to discuss these new import quotas and try to reduce tensions.Key Facts
- The UK will reduce tariff-free steel imports from non-EU countries by 60% from July 1, 2024.
- The EU will cut its tariff-free steel imports by 50% from non-EU countries on the same date.
- These moves are meant to protect domestic steel industries from cheaper steel imports, especially from China.
- The UK and EU previously had a unified system, but after Brexit, the UK must set its own quotas.
- The European Steel Association says UK limits on EU steel imports are extremely low, cutting some product exports by up to 80%.
- UK and EU steel industries worry that these import limits will cause economic harm to both sides.
- Talks are scheduled between UK Business Secretary Peter Kyle and EU Trade Commissioner Maroš Šefčovič to address these disputes.
- There is hope to reach a better deal, but the US is not currently involved in helping UK-EU cooperation on steel trade.
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