British steel facing existential threat' after EU hikes tariffs
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British steel facing existential threat' after EU hikes tariffs
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"In what is a major blow to Sir Keir Starmer's mission to reset relations with the bloc after Brexit, the European Commission revealed plans to double the current level of 25 per cent, while reducing tariff-free import volumes to 18.3 million tonnes a year a 47 per cent reduction. The director general of UK Steel said the fresh tariffs would be devastating to the industry, which currently exports 78 per cent of its steel to the EU."
Donations enable newsrooms to send journalists to cover developing stories and avoid paywalls, keeping reporting accessible across the political spectrum. The European Union announced plans to impose 50 per cent tariffs on UK steel imports and to reduce tariff-free import volumes to 18.3 million tonnes a year, a 47 per cent reduction. The proposal would double the current 25 per cent level and follows 25 per cent US tariffs previously imposed. UK steel exports are heavily EU-dependent, with 78 per cent of production sold to the bloc. Industry leaders warn the tariffs could be devastating and urge urgent government action to secure quotas, while the prime minister says discussions are underway with the US and EU.
Read at www.independent.co.uk
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