UK firms to be protected from cheap imports
Summary
The UK government plans to announce a new trade strategy to help British companies sell more products overseas and protect them from cheap foreign imports. The focus will include financial support for exporters, better help with trade rules, and specific measures for industries like steel and cars.Key Facts
- The UK government plans to unveil a new trade plan aimed at increasing exports and protecting UK firms from cheap imports.
- The plan will be announced at the British Chambers of Commerce conference in London.
- The strategy includes more financial backing for exporters and assistance with understanding trade rules.
- There is a focus on defending industries like steel and cars from cheap imports, particularly from China.
- The UK has recently signed a free trade agreement with India, and improved trade terms with the US.
- The UK has not yet imposed high tariffs on Chinese electric vehicles, unlike the European Union.
- The new trade plan follows the government's 10-year industrial strategy which includes lowering energy costs for businesses.
- There is concern over the "de minimis" rule contributing to low-value goods entering the UK tax-free, potentially disadvantaging local retailers.
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