UK poised to ease steel tariffs as manufacturers warn of costs
Summary
The UK government is expected to reduce some steel import tariffs after manufacturers warned that the tariffs would raise their costs a lot. The tariffs, planned to start by July 1, aim to protect UK steel producers but may be eased for certain industries that cannot get enough local steel.Key Facts
- The UK planned to double tariffs on steel imports to 50% and cut import quotas by up to 60% starting July 1.
- These measures are meant to protect British steel producers after the current EU-negotiated safeguards expire.
- About 70% of steel used in the UK is imported; the government wants to lower that to 50%.
- The government already gave a three-month delay for applying the tariffs and is considering extending it or exempting some industries.
- UK Steel and other groups have submitted proposals to remove certain steel products from tariffs to protect companies that cannot get those products locally.
- The EU is also planning similar tariffs and quota cuts on steel imports, leading to talks between the UK and EU to protect British steel manufacturers.
- UK steel producers report increased production and jobs due to the tariff measures, but many manufacturers say the costs are a big problem.
- Government officials are balancing the need to support steel plants while avoiding harm to other industries that use steel.
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