Steel bosses warn back door' loophole in UK trade rules could lead to job cuts and closures

"Steel bosses have warned that a back door in new trade rules could hit British manufacturers and lead to job cuts and factory closures by allowing a vast array of foreign products to still enter the UK tax-free."

"The loophole means pre-made steel parts ranging from bridge sections, columns and door frames, all the way to smaller rods and tubes used in buildings, will escape recently announced import tariffs."

"From July, quotas on importing many overseas steel products will be cut by 60%, and duties outside those quotas will be raised to 50%, potentially threatening the stability of the UK steel industry."

"The sector, recently designated as vital to national security, employs about 10,000 people and has suffered decades of job losses, making the current situation particularly critical."

New trade rules could negatively impact British manufacturers by allowing foreign pre-made steel products to enter the UK without tariffs. Despite recent tariff increases on imported steel, industry leaders warn that the measures primarily target raw steel imports, leaving processed products vulnerable. From July, quotas on many overseas steel products will be reduced by 60%, while duties on imports outside these quotas will rise to 50%. This situation poses a risk of job losses and factory closures in the UK steel sector, which is crucial for national security.

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