UK cuts steel import quotas and doubles tariffs to 50%
Britain will cut steel import quotas by 60 percent and double tariffs to 50 percent from July. A 2.5 billion pound fund will support domestic production.
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The United Kingdom government has unveiled a comprehensive plan to protect its domestic steel sector by significantly tightening import restrictions and increasing financial support. Starting July 1, the volume of steel that can enter the country without incurring tariffs will be reduced by 60%. Furthermore, the government will double the tariff on imports exceeding this quota, raising the rate from 25% to 50%.
