UK to cut steel import tariffs to curb Chinese surplus

The UK is set to halve its tariff-free steel import quota and double tariffs on imports exceeding the quota to protect its steel industry from global overcapacity and cheap Chinese steel. The new safeguards will take effect on July 1, replacing pre-Brexit rules, with the quota reduced to 3.2 million tonnes. Industry representatives have warned of potential price increases and supply challenges, as the measures aim to counteract excess Chinese steel flooding global markets.

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