News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexCryptocurrenciesCybersecurityPress Releases

UK government proposes to extend steel quotas and tariffs

06/23/2022 | 06:37am EDT
FILE PHOTO: Steel is seen in the rolling mill following the  recommissioning of the works by Liberty Steel Group at the Dalzell steel plant in Motherwell

LONDON (Reuters) -Britain proposed on Thursday to extend for a further two years a package of tariffs and quotas on five steel products to protect domestic steelmakers.

A year ago, Britain introduced new regulations to protect its steel industry, which employs nearly 34,000 people and generates about $2 billion in turnover each year.

"Removal of the steel safeguard measure would likely result in an increase in imports and therefore would result in serious injury or the threat of serious injury to UK steel producers," a statement said.

Britain last year retained quotas and tariffs it inherited from the European Union on 10 categories of steel for three years. But on five products, the safeguards were extended on a temporary basis for one year.

Those are now due to be retained for two more years, partly due to expectation of global oversupply for steel products "for the foreseeable future", the statement added.

The EU introduced quotas in 2019 when Britain was still in the bloc to guard against steel shipments normally destined for the United States being redirected to Europe after U.S. President Donald Trump imposed 25% tariffs.

(Reporting by William James and Eric Onstad; Editing by Michael Holden and Alison Williams)


© Reuters 2022
Latest news "Economy & Forex"
01:07pUK's Boris Johnson apologises for mistake on Pincher appointment
RE
12:58pWeary Argentina investors hit by more political turmoil
RE
12:53pRussian lawmakers approve harsher fines for foreign tech firms without offices
RE
12:49pEuro falling towards parity pain point
RE
12:46pS&P 500, Dow slip as recession fears mount
RE
12:39pS.African rand hits new 20-month low as investors embrace dollar
RE
12:38pSuspected shooter in Chicago July 4 parade attack bought gun legally
RE
12:33pBritain adds two Russians to its sanctions list
RE
12:33pUk makes 2 new designations under russia sanctions regime…
RE
12:25pGerman bond yields slide on growth fears, spreads widen
RE
Latest news "Economy & Forex"