London plans to raise tariffs on steel to protect own industry

The British government plans to double tariffs on steel imports as part of a forthcoming strategy aimed at protecting the domestic steel industry. The daily Politico reported the move, citing sources familiar with the planned announcement, which the government is expected to unveil on Thursday.

According to the report, the government intends to reduce import quotas for several steel products while increasing tariffs on shipments that exceed those limits to as much as 50 per cent. The measure would bring Britain closer to the trade protections currently applied by both the European Union and the United States in the steel sector.

A government spokesperson confirmed that the cabinet will soon publish a comprehensive strategy for the industry. He said the government is committed to ensuring a sustainable future for steel production and safeguarding jobs in the sector.

Britain’s steel industry has faced mounting pressure in recent years. In 2024 it supported around 37,000 jobs and accounted for about 0.1 per cent of the country’s economic output. At the same time, producers have struggled with high energy costs and growing competition from cheaper imports, particularly from China.

These pressures have already affected the country’s largest producers. Tata Steel closed two blast furnaces in Port Talbot, while the government took control of British Steel to prevent the closure of its plant in Scunthorpe.

(Reuters, Max)