structural steel<\/a> exports by half and enforce a 50% tariff on all shipments exceeding that threshold, as part of a broader effort aimed at limiting imports of Chinese steel.<\/p>\n\u201cThe entire EU market for structural steel encompasses eight million tonnes annually, of which the UK currently receives a tariff-exempt quota of 108,000 tonnes \u2014 under 2% of the market,\u201d Boyd stated.<\/p>\n
\u201cIn contrast, the UK market is 800,000 tonnes each year while EU producers benefit from a tariff-free quota of 680,000 tonnes, representing 85% of the UK market. This hardly qualifies as fair trade.\u201d<\/p>\n
Boyd, who previously campaigned to preserve British Steel\u2019s blast furnaces in Scunthorpe, remarked that the suggested changes would effectively leave British exporters \u201cnearly excluded\u201d from the European market while granting EU producers nearly unrestricted access to the UK.<\/p>\n
\u201cAll UK manufacturers will feel the effects of this policy shift,\u201d he asserted. \u201cExports will be adversely affected, and we might witness an influx of imported steel if we do not fortify our own trade regulations.\u201d<\/p>\n
He insisted that the Government should \u201crespond decisively\u201d by either negotiating an exemption from the EU\u2019s anti-dumping regulations or threatening corresponding counter-tariffs to restore fairness.<\/p>\n
\u201cWhile the EU may need to bolster its struggling steel industry and combat Chinese dumping, this cannot be accomplished at the expense of the UK,\u201d he cautioned. \u201cTime is of the essence.\u201d<\/p>\n
As reported by industry organization UK Steel<\/a>, the sector employs 36,800 workers directly and supports an additional 46,000 jobs within its supply chain. It contributes \u00a31.7 billion directly to the economy, \u00a32.2 billion via its supply network, and adds \u00a33.1 billion to the UK\u2019s trade balance.<\/p>\nIndustry leaders are concerned that without prompt measures, the EU\u2019s new tariffs could hasten the decline of Britain\u2019s heavy industry and undermine the Government\u2019s goal to revitalize domestic manufacturing.<\/p>\n\n
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\t\t \t<\/div>\n
Jamie Young<\/h3>\n
\t\tJamie is a Senior Reporter at Business Matters, bringing over ten years of experience in UK SME business reporting.
\nJamie possesses a degree in Business Administration and regularly engages in industry conferences and workshops.
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\nWhen not covering the latest business news, Jamie is dedicated to mentoring emerging journalists and entrepreneurs to inspire the next generation of business leaders. \t<\/p>\n<\/p><\/div>\n<\/p><\/div>\n