UK doubles steel tariffs to 50%
Change
The UK will raise duties on Chinese and other foreign steel to 50%, cut import quotas on many overseas steel products by 60% from July, and set a target for 50% of steel used in the UK to be domestically produced with half of that output located in Wales.
Why it matters
Duties on steel volumes outside established quotas will be set at 50%. From July, quotas on imports of many overseas steel products will be reduced by 60%. The policy establishes a target that 50% of steel used in the UK be produced domestically, with 50% of that domestic production to be located in Wales. The package is presented as a £2.5bn strategy aimed at increasing domestic production by 30%.
Implications
- • Importers face 50% duties on steel volumes shipped outside reduced quotas.
- • Available import volumes for many steel products decline due to a 60% quota cut from July.
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