In a strategic move to bolster its domestic steel industry, Britain announced an increase in tariff-free steel imports, countering earlier, more restrictive plans. The revision follows business feedback concerned with elevated costs due to the initial proposal.
The updated policy reduces free quota cuts to 51%, from a previously proposed 60%, while maintaining a 50% tariff on imports exceeding the quota. This adjustment, a response to domestic energy costs and foreign competition, aims to soothe industry anxieties about rising costs.
The British Chambers of Commerce and industry members have cautiously welcomed the revised measure. Both groups stress the importance of evaluating the policy’s effect on users further down the supply chain, with ongoing dialogues set to ensure fair market conditions. Coordination with the EU features in preventing market disruptions.
(With inputs from agencies.)