LONDON, June 25 (Reuters) – Britain on Thursday confirmed details of new steel trade protections due to take effect on July 1, saying it had agreed quota \u200caccess with the European Union to limit the impact on its biggest trading \u200cpartner. <\/p>\n
Britain and the EU have both moved to protect domestic steel producers, citing concerns over the “dumping” of highly \u200bsubsidised steel from countries such as China, and have held talks to ensure their measures do not adversely affect each other. <\/p>\n
Britain said on Tuesday the EU would have tariff-free quotas across multiple steel product categories, including 375,000 metric tons a year for some flat steel products, and that \u200cthe bloc would offer reciprocal \u2060access for British steel. <\/p>\n
Trade minister Chris Bryant said Britain had “engaged closely with the bloc” and the measures would “provide stability for UK-EU steel trade”. <\/p>\n
“We recognise \u2060that this will create changes to trade flows including with some of our closest trading partners,” he said. “We want to reassure them that the UK remains committed to our international obligations and \u200bto constructive \u200bengagement on our steel measure.” <\/p>\n
Steelmakers have struggled to \u200bsurvive in the birthplace of the \u200cIndustrial Revolution after decades of decline driven by deindustrialisation and, more recently, high energy costs and a global glut of cheap steel. <\/p>\n
Ministers have warned of an existential threat to Britain’s steel industry unless protections are renewed and enhanced. <\/p>\n
Setting out final details of the measure, first announced in March to replace a safeguard that expires on June 30, Britain said imports \u200callowed under tariff-free quotas would be cut by 51%, \u200brather than the 60% previously proposed. <\/p>\n
Imports above the quota \u200bwill face a 50% tariff, up \u200bfrom 25%. Bryant said the overall quota volume would be about 3.2 \u200cmillion tons, around 21% higher than previously \u200bproposed. <\/p>\n
The changes will take \u200beffect next month. <\/p>\n
The EU and the U.S. have also raised tariffs on steel outside quotas to 50%, though Britain has secured a lower U.S. tariff of 25%. <\/p>\n
India had \u200bvoiced concern over Britain’s new \u200csteel measures, but has since said it has been reassured as the countries \u200bprepare to implement a free trade deal. <\/p>\n
(Reporting by Sam Tabahriti and Alistair \u200bSmout. Editing by William James and Mark Potter) <\/p>\n","protected":false},"excerpt":{"rendered":"LONDON, June 25 (Reuters) – Britain on Thursday confirmed details of new steel trade protections due to take…\n","protected":false},"author":2,"featured_media":70212,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[2],"tags":[13,499,1469,32332,32333,32331,32330,10607],"class_list":["post-70211","post","type-post","status-publish","format-standard","has-post-thumbnail","category-britain","tag-britain","tag-chris-bryant","tag-european-union","tag-free-trade-deal","tag-quota","tag-steel-product","tag-trade-protections","tag-trading-partner"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@UnitedKingdom\/116810550268725652","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/70211","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/comments?post=70211"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/70211\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media\/70212"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media?parent=70211"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/categories?post=70211"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/tags?post=70211"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}