UK government to extend steel quotas & tariffs on 5 steel products
Time:Mon, 27 Jun 2022 09:35:48 +0800
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The UK may manage to extend two years for the package of tariffs and quotas on five steel products to protect the domestic steel industry.
One year earlier, the UK applied new regulations to protect domestic producers.
It was believed that the cancellation of steel safeguard measures would lead to a surge in imports which may cause serious injury to UK steelmakers.
Also, the UK kept quotas and tariffs that are inherited from the EU on ten categories of steel for three years. However, safeguards were extended on five steel products on a temporary basis for one year.
Therefore, the UK thought those should be retained for two more years in anticipation of global steel oversupply for the foreseeable future.
