The 'biggest' crisis: UK steel industry reacts to 50% tariffs from the EU

Core Points - The European Commission plans to double tariffs on steel imports to match the 50% levy imposed by the United States, with tax-free import quotas being reduced by almost half [1] - European officials assert that these tariffs comply with international trade law and aim to protect the European steel industry [2] - The new measures will allow for quotas for partner countries, with a 50% tariff applied only when exports exceed the established quota [3] Industry Impact - The UK is expected to be significantly affected, with approximately 80% of its steel exports going to the EU, leading to warnings from UK Steel about a potential crisis for the British industry [4] - The UK government is urged to secure country quotas to mitigate the impact of the tariffs, or face severe consequences for the steel sector [4] - Ongoing discussions between the UK government and both the EU and the US indicate potential retaliatory measures against the EU to protect UK steel manufacturers [5]