The UK government has unveiled a major intervention in the steel market, setting an ambitious target to produce up to 50 per cent of the steel used domestically while imposing steep new tariffs on imports in a bid to protect the struggling industry.
Under the plans, import quotas will be reduced by 60 per cent from July, with any steel brought into the UK above those limits facing a punitive 50 per cent tariff. The move represents one of the most assertive steps taken by ministers in recent years to bolster domestic manufacturing capacity amid intensifying global competition.
Announcing the measures in Port Talbot, Business Secretary Peter Kyle said the strategy was designed to both strengthen UK industrial resilience and counter what he described as “anti-competitive behaviour” in global steel markets.
He confirmed the government aims to increase the proportion of British steel used in the UK economy from around 30 per cent to 50 per cent, although no specific deadline has yet been set for achieving the target.
The introduction of a 50 per cent tariff on excess imports marks a significant escalation in trade policy. While tariffs are paid by importing firms, the additional costs are typically passed through supply chains, potentially raising prices for manufacturers, construction firms and ultimately consumers.
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