UK doubles steel tariffs to 50% and slashes import quotas
Change
UK cut import quotas for many overseas steel products by 60% from July and raised duties on shipments that exceed those quotas to 50%.
Why it matters
Foreign steel suppliers will face much tighter market access and higher costs to export to the UK, increasing the price and unpredictability of imported steel. The UK has also set a target that half of steel used domestically must be produced in-country — with half of that output located in Wales — and aims to raise domestic production by about 30%.
Implications
- • Importers of steel must secure reduced quota allocations for shipments from July or pay a 50% duty on volumes above allocated quotas.
- • Procurement teams for UK construction and manufacturing firms must reprioritise domestic steel suppliers and renegotiate contracts to avoid higher import costs and potential supply gaps.
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