UK to cut steel import quotas, raise tariffs to protect domestic industry

From kitco.com

Britain will lower its tariff-free quota on imported steel and double the tariff on imports exceeding that quota, the government said on Thursday, launching a plan to protect its small but strategically and politically sensitive steel sector. Steelmakers have struggled to survive in the birthplace of the Industrial Revolution after decades of decline driven by long-term de-industrialization and, more recently, by high energy costs and a global glut of cheap steel. The government will cut the amount of steel that can be imported without incurring tariffs by 60%. Imports above that new level will face a 50% tariff – ... (full story)