U.K. Bets on Tariffs to Rebuild Its Steel Industry

The UK government has reduced steel import quotas and raised tariffs to 50 per cent outside unit limits as part of a strategy to save the industry, an “bold” move that is likely to draw criticism from economists and opposition groups. Quotas for imports free from the higher tariffs will be reduced by 60 per cent from July. The government has set a target for domestic production to support half of steel demand in the UK. “Making steel in the UK is vital for national security, critical infrastructure and the wider economy,”…