The Department for Business and Trade is meeting with leaders of steel trading business groups on Wednesday and Thursday (11-12 June) to finalise details of a reprieve for certain industries, after UK manufacturers warned that the planned 50% tariff and import quota reductions would significantly raise costs. The government announced in March that it would double tariffs to 50% and cut quotas by up to 60% ahead of the 1 July expiry of current safeguards, but has already granted a three-month transition period on import duties; discussions now include extending that to 12 months or formalising exemptions for sectors that cannot source steel domestically. The consultation follows business secretary Peter Kyle’s meeting with EU trade commissioner Maroš Šefčovič on 6 June to push back against the EU’s own 47% cut in tariff-free steel import quotas.
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The consultation follows business secretary Peter Kyle’s meeting with EU trade commissioner Maroš Šefčovič on 6 June to push back against the EU’s own 47% cut in tariff-free steel import quotas.
