The United Kingdom is negotiating with the EU regarding an exemption from steel import quotas

British Trade Minister Chris Bryant described negotiations with the EU regarding the UK’s exemption from the bloc’s upcoming steel import restrictions as productive, according to Euronews.

He hinted that the British government is close to reaching a steel agreement with the EU that would allow both sides to avoid trade restrictions imposed to protect local industries.

In a conversation with Euronews, Bryant said that the parties need to ensure they do not create problems for one another. He noted that the issue of excess capacity in the steel industry, which undermines Europe’s sovereign capacity, is linked to China and certain other countries.

On July 1 of this year, the EU intends to halve steel import quotas and double tariffs on shipments exceeding the established volumes. The UK plans to reduce its duty-free quota for steel products by 60% and impose a 50% tariff on any excess shipments starting on the same date.

Bryant expressed the view that taking measures aimed primarily at combating overproduction in China, one against the other, would be counterproductive, as the EU and the UK seek to strengthen economic ties.

He added that the UK should be included in the bloc’s plans to prioritize “Made in Europe” components in public procurement, noting that strategic sectors such as electric vehicles are deeply integrated across the continent.

Recall that the Spanish steel producers’ association Unesid stated that supporting open and stable trade relations is in the mutual interest of both the European Union and the UK. The association also expressed concern over the announcement of a series of British protective measures that could negatively impact the European steel industry.