Home / Business and Economy / UK Steel Faces EU Tariff Crisis
UK Steel Faces EU Tariff Crisis
23 Nov
Summary
- EU trade tariffs loom, threatening UK steel exports and imports.
- Thousands of jobs are at risk if no deal is reached with Brussels.
- EU plans to halve tariff-free steel imports and double excess duty rates.
The British steel industry is warning of an existential threat from looming European Union trade tariffs set to be implemented next year. Steel bosses are urging the government for immediate action, fearing a dual impact of reduced access to the EU market and an influx of cheaper foreign steel.
With the EU set to halve its annual tariff-free steel import quota and double duties on excess imports, exporting steel to the EU will likely become more costly for the UK. Simultaneously, lower trade barriers in Britain could divert inexpensive steel, particularly from China, towards the UK market, endangering thousands of jobs in the sector.
Industry leaders emphasize the critical need for government intervention, including strong protection measures and renegotiation of terms with Brussels. The Steel Strategy, detailing government support, is anticipated later this year, as the industry faces increasing pressure following prior tariff disputes with the US.
