UK plans to double steel tariffs and slash import quotas
The British government is expected to double steel tariffs to 50% and reduce import quotas this Thursday. The strategy aims to support domestic steel producers.
The United Kingdom is reportedly preparing to double tariffs on steel imports as part of a comprehensive strategy to safeguard its domestic industry. According to reports from Politico citing sources familiar with the matter, the government is expected to announce a reduction in import quotas for various steel products while increasing duties on imports exceeding those limits to 50% during an announcement scheduled for Thursday.
This anticipated policy shift would bring the British approach into closer alignment with trade measures already implemented by the United States and the European Union. The move follows a period of intense pressure on British steelmakers who have struggled against a surge of low-cost global imports, particularly from China.
A spokesperson for the British government indicated that a formal steel strategy would be published in the near future to address these ongoing concerns and support the transition to a sustainable future.
"The government has been crystal clear in its commitment to a sustainable future for steelmaking and steel jobs in the country."
The steel sector remains a critical component of the national infrastructure, supporting approximately 37,000 jobs and contributing 0.1% to total economic output in 2024. However, the industry has faced significant headwinds, including soaring energy costs and financial instability at major production sites.
These challenges have already forced major operational changes across the country. Tata Steel recently shuttered two blast furnaces at its Port Talbot facility due to financial pressures. Meanwhile, the government previously intervened to prevent the shutdown of British Steel at its Scunthorpe plant, which had been under the ownership of HANGZHOU JINGYE INTELLIGEN-A.
