The UK has initiated an investigation into steel imports from Russia and Belarus to see if tariff rate quotas for Russia and Belarus should be reallocated to avoid a steel shortage, according to a statement from the UK government on April 6.
Steel imports that are part of the UK's safeguard trade remedy measure have been subjected to a tariff rate quota, or TRQ, review by the TRA.
In a statement, the UK government noted that, as with any safeguard mechanism, it had granted all importing nations a quota to import a specific quantity of steel into the UK at a basic tariff rate, and that after the quota was depleted, they had to pay a higher rate.
The UK's Trade Representative (TRA) has proposed redistributing Russian and Belarus' TRQs to other exporting countries. Due to sanctions on some imports from Russia and Belarus, exporters may not be able to fulfil their quotas. Reallocating quotas could help keep steel prices down for construction and other domestic industries.
The TRA announced it would be undertaking additional analysis on the UK’s steel import safeguards regime for the next few months, as part of an assessment of the impact of trade on the integrated nature of the UK steel sector.
The materials and information on this article have been prepared or assembled by Viet Nam Steel and are intended for informational purposes only.
