LNB News 02/10/2024
Document Information
Issue Date: 02 October 2024
Published Date: 02 October 2024
Jurisdiction(s): England, Northern Ireland, Scotland and Wales
The Trade Remedies Authority (TRA) has confirmed that the UK government accepted its recommendation to amend the tariff rate quota on imports of Category 1 steel products, effective from 1 October 2024. The new steel safeguard measures will be split into two categories—Category 1A, which will be accessible to parties who wish to import the products for commercial application and Category 1B for downstream processing. The quota for Category 1A will remain at the current levels of just over 1 million tonnes annually, while the quota for Category 1B will be set 132% higher than that of Category 1A, amounting to approximately 2.3 million tonnes annually. Category 1B allowances will be allocated on a global basis, but there will be a cap of 40% to ensure there is no domination by a single country. Where the steel import volumes are exceeded, importers will be required to pay the 25% tariff. In light of...
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