UK Decides to Extend Steel Tariffs, Despite Charges of Breaching WTO Rules

SEATTLE (Scrap Monster): UK Prime Minister Boris Johnson announced that the country plans to retain and extend steel tariffs, which he said are aimed at protecting the British steel industry and are in line with other European countries. He refuted the claims that such an action risks the country from breaching the World Trade Organization (WTO) rules. The remarks were made during his speech at the G-7 summit being held in Germany.

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There have been reports that the British administration has decided to extend tariffs already imposed on steel imports from China. In addition, it plans to impose tariffs that may potentially impact steel imports from countries such as India and Turkey.

Johnson noted that the prevailing system in the UK doesn’t grant any privileges to the industry, as is done in some other countries. The industry is currently going through a difficult time, partly due to high energy prices. The government plans to offer protection to the industry until the time the industry has access to cheaper energy and cheap electricity to run its furnaces, he added.

Furthermore, he stated that the government is left with tough choice over the action that could be taken. It looks difficult to help the industry while adhering to the WTO obligations. The government would prioritize measures aimed at preventing a collapse of the country’s steel industry.