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UK steel manufacturers are to be hit by another round of tariffs, even higher and more impactful than those levied by the US, representing “an existential threat” to the industry.
The European Union (EU) is hiking the tax on steel it imports, with the tariff to be 50%, double the 25% currently levied by the Trump administration in the US and the EU’s current rate.
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This decision is an “existential threat”, according to the assistant general secretary of the Community union, Alasdair McDiarmid.
“Europe is by far the largest destination for UK steel exports, and losing access to this market would have a catastrophic impact on British jobs,” he said.
UK Steel, the steel industry body, described it as “perhaps the biggest crisis the UK steel industry has ever faced” and called on the government to “secure UK country quotas”.
Establishing a UK country quota could mean some steel is traded with lower or no tariffs at all.
If this is not arranged, the industry would “potentially face disaster”, said Gareth Stace, the director general at UK Steel.
Why is the EU doing it?
The EU is erecting the trade barrier to avoid an influx of steel imports flooding its market in the wake of the US’s tariffs hike and to avoid making the EU less competitive for domestic producers.
EU commissioner for prosperity and industrial strategy, Stephane Sejourne, said the EU was also reducing the amount of steel being imported from abroad to “save our European steel plants and jobs”.
Similar measures have been called for by UK Steel.
“The UK government must…
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