Britain-EU, steel deal targeted - Joint alliance seeks to challenge China's dominance
Britain seeks to create a Western alliance with the European Union to limit China's dominance in the global steel market.
London hopes a coordinated approach can help the UK avoid a 50% tariff that Brussels plans to impose to protect the European market from China's industrial overproduction. Britain, which is under the influence of EU trade actions after Brexit, is seeking exemptions from these measures.
The idea being considered is a Western steel alliance, potentially including Washington, to harmonize policies and give members preferential tariffs on steel trade.
A senior EU official said earlier this month that the bloc has “no other choice” but to protect its industry, warning that Europe was “in big trouble because of overcapacity.” However, the official left open the possibility of talks with London, calling on both sides to sit down and negotiate.
Another representative of the bloc stressed that the concept of a steel “club” has been around for “a long time, but now it seems more attractive.” He added that the European Union and the United Kingdom already cooperate in multilateral forums, such as the Global Forum on Steel Overcapacity.
Meanwhile, both sides have agreed to harmonize their carbon tariffs on imports of steel and other products produced through polluting industrial processes.
Britain currently exports half of its steel to the EU, making the bloc’s upcoming tariffs a serious threat to domestic producers. “The government’s focus should be on securing the necessary British exemptions from EU quotas and strengthening trade protection,” industry analysts explain. They say a broader alliance could help solve the problems of global overcapacity and keep subsidized imports out of Britain.
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