British steel facing ‘existential threat’ after EU hikes tariffs
British steel industry plunged into crisis by EU plans
- The European Union has announced plans to impose 50 per cent tariffs on UK steel imports, doubling the current rate and reducing tariff-free volumes by 47 per cent.
- Industry leaders and trade unions have labelled the proposed tariffs as “devastating” and an “existential threat” to the UK steel sector, which exports 78 per cent of its steel to the EU.
- This development follows existing 25 per cent tariffs on UK steel imports to the US, further exacerbating challenges for the industry. Gareth Stace, of UK Steel, said this is “perhaps the biggest crisis the UK steel industry has ever faced”.
- Prime Minister Sir Keir Starmer says he is in discussions with both the US and EU regarding the tariffs, affirming strong government support for the steel industry.
- Concerns have been raised about potential job losses and the long-term future of the UK steel sector if a favourable agreement cannot be reached with the EU.