UK plans to double steel tariffs — reports

Britain plans to double tariffs on steel imports, Politico reported on Monday, saying that it would be part of a wider strategy aimed at protecting the country's struggling steel industry.

Citing two people familiar with an announcement expected on Thursday, the report said the government is expected to slash quotas on imports of many products from overseas while raising duties outside those caps to 50%.

The move, if announced, would bring Britain broadly into line with the European Union and the United States.

A British government spokesperson said it would publish its steel strategy "shortly", and that it had been "crystal clear" in its commitment to a sustainable future for steelmaking and steel jobs in the country.

The sector, which supported 37,000 jobs and accounted for 0.1% of total UK economic output in 2024, has been battling high energy costs and stiff competition from cheaper global imports, particularly from China.

Those pressures have led to financial troubles at two of the country's biggest steelmakers. Tata Steel has already closed two blast furnaces at Port Talbot, while the government had to seize control of British Steel to prevent the shutdown of its Scunthorpe plant under its Chinese owner Jingye.

-Muvija ME/Reuters