UK to halve tariff-free steel imports to counter glut of cheap Chinese metal

Duty on imports outside new quota will double in move echoing similar changes in EU limitsBusiness live – latest updatesThe UK government will halve the amount of tariff-free steel imports allowed in an attempt to counter a global oversupply of cheap Chinese metal and bolster its beleaguered local industry.New “safeguards” will be introduced on 1 July and will coincide with similar new limits being introduced by the EU for the same purposes. The UK said it and the EU had agreed an approach that reflected each other’s “highly interconnected supply chains” after months of negotiations over retaining tariff-free access between the markets. Continue reading...