August 13, 2022

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The UK extends the tax on steel to two years

The UK extends the tax on steel to two years

Foreign Trade Minister Anne-Marie Trevelyan told the House of Representatives that the “strategic interest” of the steel industry and “due to the global disruption of energy markets and supply chains, (…) Kingdom maintains bookings” – POOL / AFP / Archives

London has extended tariffs on some quality steel from 15 countries for two years, with the aim of protecting a “critical” industry in the UK, which is facing rising energy prices.

Foreign Trade Minister Anne-Marie Trevelyan told the House of Representatives that the UK was “interested in maintaining (…) warnings because of the” strategic interest “of the steel industry and” global disruptions in energy markets and supply chains “.

One year ago, after Britain’s exit from the European Union, the government announced that it would extend the tariff on 10 types of steel products to three years and reduce them to four categories, Travelian explained to MPs.

Five more were in the course and were extended by one year.

The Minister now estimates that the suppression of tariffs on these five types will “cause severe damage to British steelmakers”, so he extends the action on these products to two years until June 30, 2024, as he has already done on the other ten types. Extended last year.

British Prime Minister Boris Johnson warned on Sunday that some countries would have to make “tough decisions” to protect British steel from cheap steel, even at the risk of violating its obligations to the World Trade Organization (WTO).



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