UK sets target to boost steel making and cut imports

"I'm announcing really ambitious targets for use of British steel in the British economy, from 30% to 50%. But also, I need to defend the sector from anti-competitive behaviour from elsewhere in the world. The government said its plans were not about stopping steel trade and that imports would continue."

"Imported steel quotas will be lowered and anything brought in above that level will be subject to a new 50% tariff, the business department said. The government is looking into a transitional approach where its 50% tariff would not apply to goods under contracts agreed before 14 March and imported between July and September."

"Tariffs are taxes on imported goods paid by the firm bringing in the foreign product and the charge is typically a percentage of the good's value. Firms may pass some or all of the extra cost on to their customers, which in this case means UK consumers and other UK businesses."

The UK government has increased its target for domestic steel production from 30% to 50% and implemented protective trade measures including a 50% tariff on imported steel exceeding new quota limits. Starting in July, import quotas will be reduced by 60% from current levels. A transitional approach exempts goods under contracts agreed before March 14 and imported between July and September from the tariff. The UK steel industry supports these measures to protect against cheaper foreign competition. The government frames this as defending the sector from anti-competitive behavior rather than protectionism, though critics argue tariffs may increase costs for manufacturers and consumers.

Read at www.bbc.com