Summary
The European Union (EU) plans to increase tariffs on imported steel, which could severely impact the UK's steel industry. The tariffs will cut the amount of steel the UK can export to the EU before extra charges apply, potentially affecting trade worth nearly £3 billion. These changes are intended to counter challenges like global overcapacity and cheap imports, but have raised concerns in the UK.
Key Facts
- The EU will increase tariffs on imported steel, reducing UK exports allowed before tariffs apply.
- The EU will cut the quota for tariff-free steel imports to 18.3 million tonnes, a 47% reduction.
- Steel exports to the EU are vital for the UK market, accounting for 78% of its overseas steel exports.
- The EU's decision follows pressures from member states to compete against cheap imports from countries like China and Turkey.
- The new tariff measures need approval from EU member states and the European Parliament to take effect early next year.
- UK officials are discussing potential impacts and seeking ways to protect their steel industry.
- The UK government seeks to maintain trade flow with the EU and plans to discuss concerns with steel industry representatives.
