UK metals companies are poised to take legal action over recent tariff increases on raw steel imports from Asia, which they claim have caused extensive problems. Business Secretary Jonathan Reynolds reduced tariff-free imports from Vietnam and South Korea, intended to protect domestic producers facing cheap imports. Manufacturers argue this sudden change resulted in costs and delays, with shipments at UK ports now subject to tariffs. The Confederation of British Metalforming highlighted the impact on costs and delivery disruptions, with some companies facing significant surcharges.
The government has shot itself in the foot. It wants to help the steel industry, but acting in this way, giving just 24 hours' notice, has only increased our expenses.
Manufacturers threatened to sue after the government cut tariff-free imports, leading to 25% tariffs on shipments already paid for and causing significant disruptions.
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