Trade Update – Safeguard Measures
Last month the International Trade Secretary, Anne-Marie Trevelyan, made a decision on the continued application of safeguard measures on imports of steel and the introduction of new tariff rate quotas on overseas steel to protect UK producers from a “flood of cheap steel imports”.
Based on a report from the Trade Remedies Authority (TRA) the international trade secretary proposed a two year extension, until the end of June 2024, on tariffs and quotas on the following fifteen categories of steel products:
1 – Non-alloy and other alloy hot-rolled sheet and strip
2 – Non-alloy and other alloy cold-rolled sheet
4 – Metallic coated sheet
5 – Organic coated sheet
6– Tin mill products
7 – Non-alloy and other alloy quarto plates
12 – Merchant bars and light sections
13 – Rebar
16 – Non-alloy and other alloy wire rod
17 – Angles, shapes, and sections of iron or non-alloy steel
19 – Railway material
20 – Gas pipe
21 – Hollow section
25 – Large welded tube
26 – Other welded tube
For category 12a the Secretary of State is increasing the tariff rate quota by 126,136 tonnes in order to assist importers and downstream users of steel.
The proposed tariff rate quotas for 2022-2023 and 2023-2024 are set out in section D of the policy announcement: https://www.gov.uk/government/publications/steel-safeguard-reconsideration-the-secretary-of-states-proposed-approach/proposed-approach-to-steel-safeguard-reconsideration-html-version
However,Senior government figures are concerned that imposing tariffs could lead to a trade war, with retaliatory measures being placed on UK exports such as whisky and cars.
They also worry that it will damage British manufacturers who rely on imported steel.
Need further support?
Get in touch with the team at email@example.com for help with customs, export and imports and much more.