The UK is to throw a tariff cordon around its steel industry in a bid to protect British steelmakers from a glut of Chinese steel, ministers have announced.
In a move hailed by the steel industry as a fundamental shift in the British government’s approach to trade policy, the UK will slash import quotas for tariff-free steel by 60 per cent from July, while imposing a 50 per cent tariff on imports above these levels.
The new rates bring the UK broadly into line with the US, the EU and Canada, which have all taken similar measures over the past year to defend their steelmaking industries from unfair global competition.
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