UK TRA to review steel import exemptions for developing countries

The UK’s Trade Remedies Authority (TRA) has initiated a review of exemptions from the tariff quota on steel imports for developing countries. This is stated in the report of the agency.

The investigation will cover the period from January 1 to December 31, 2024.

The scope of protective measures against UK steel does not include developing WTO members that account for less than 3% of total UK imports of this product.

As noted, the TRA has analysed trade data indicating that there may have been a change in imports from certain developing countries since the application of the safeguard measures. The agency believes that the threshold for initiating a review has been reached.

This review, according to Argus.Media, likely means that hot-rolled coils from Vietnam may be subject to safeguard measures. Last year, the country’s share of steel imports from third non-EU countries amounted to just over 42 thousand tons. Egypt is also likely to be affected by the restrictions, with a share of more than 6% in the UK’s imports from third countries in 2024.

Market participants have until March 14 to comment on the proposed changes.

Earlier, British steelmakers expressed concern about a potential trade shift due to the actions of the US and EU, insisting on their own swift measures to restrict imports.

These are the US duties on steel and aluminum, which were announced to come into effect on March 12, as well as the revision of the EU’s steel safeguard measures, which are expected to significantly reduce imports. The UK Steel industry association told Argus that current import quotas are being liberalized year after year, while demand in the country is declining.

The association added that it is working on a proposal for the government to further protect against the diversion of exports from other countries after the possible expiration of protective measures for steel in the UK. One potential option would be to introduce a general tariff on all imports, except for hot rolled coils (HRC) for further processing.

As GMK Center reported earlier, the UK will try to avoid US tariffs on steel and aluminum. London argues that its products are important for the US defense and manufacturing sectors.