UK steel manufacturers face 'existential threat' from EU tariff hikes

UK steel manufacturers are confronted with an 'existential threat' as the European Union plans to double tariffs to 50% and significantly cut tariff-free steel imports.

The European Commission's proposal includes increasing steel tariffs from 25% to 50%, a move seen as harmful to UK steel producers facing fierce competition.
Alongside the tariff increase, the EU intends to reduce tariff-free steel import volumes to 18.3 million tons annually, marking a 47% decrease.
UK steel manufacturers warn that these changes could jeopardize thousands of jobs and threaten the sustainability of the steel industry across Europe.
The new tariffs are partly motivated by efforts to counteract steel imports from China, which have been under scrutiny for unfair trade practices.

Why It Matters

The proposed tariff hikes could severely impact the UK steel industry's viability, potentially leading to significant job losses and economic decline in regions dependent on steel production. As the EU tightens import regulations, it may provoke retaliatory measures from the UK, escalating trade tensions. Stakeholders will need to monitor negotiations and responses from the UK government and industry leaders.