Steel Tariffs

In September, the UK and the US signed the Tech Prosperity Deal to deepen collaboration in key technology areas including AI, quantum computing and nuclear energy

The European Union proposed Tuesday cutting free-trade quotas by 47 per cent on steel and steel products, effectively adding large tariffs on imports from countries like China, India, Turkiye, and the United Kingdom, which said the measures would wreck the British steel industry. After importing 18.3 million tonnes, the new quota, additional imports will face up to 50 per cent in new tariffs, a high price akin to US President Donald Trump's steel measures. Neighbouring nations like Norway, Iceland and Ukraine will be exempt. A proposal to thwart overcapacity The proposal attempts to buttress Europe's traditional steel manufacturers by imposing trade barriers to stem the flooding of Europe's markets with imports diverted by those high American tariffs. Steel importers would be required to clearly declare where the products were melted and poured, and a complex quota system would govern what enters the EU common market. The proposal replaces a current steel safeguard policy aligned w

Europe's steel association, Eurofer, has been demanding tighter measures to reflect new market dynamics

The government has also introduced registration requirements such as steel import monitoring system (SIMS), paper import monitoring system (PIMS)

China's surging steel exports have sparked complaints from a growing number of countries, with some, such as Turkey and Indonesia

The share of China in US aluminium imports fell from 9.36 per cent in 2017 to 4.52 per cent in the 12 months ending November 2022

The dispute follows similar complaints against China, the European Union and others who retaliated in the same way, saying the US tariffs were essentially "safeguard" measures

India will also seek relief from Canada over quotas and tariffs next month, Binoy Kumar said

Fears of a potential trade war over steel have dominated G-20 talks hosted this year by China