UK’s Department of International Trade has decided to extend safeguard measures on 15 categories of steel products to avoid dumping of low-cost steel into the country. The measures, which include quotas and tariffs have been extended for one year. Imports exceeding quotas will be charged 25pc tariff.
Earlier, UK’s Trade Remedies Authority (TRA) had advised the continuation of safeguards against 10 categories and called for revoked measures on nine other categories of steel after conducting a review for Brexit transition.
In October 2020, the UK government initiated a transitional review of European safeguard measures on imported steel products to decide whether measures should be adjusted, postponed or revoked.
The government aims to defend the domestic steel industry, which is facing disruptions caused by the COVID-19 pandemic, in addition to threats of dumping, unfair subsidies for steelmakers and trade restrictions on UK’s steel products.