Alphapuggle PieFedEU steel tariff hike threatens 'biggest crisis' for UK industry
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www.bbc.com/news/articles/cwy875px79po
The EU is the UK’s most important export destination for steel, worth nearly £3bn and representing 78% of steel products made in the UK for overseas markets.
Another issue where we see why the Brexit was a huge mistake?
I hope there will be a EU-UK deal to find a solution for both, as Britain is not the big problem here. As the report says, “global over capacity, unfair competition, state aid, and undercutting in prices” are a problem which led to thousand of lost jobs in Europe. The reason for this overcapacity -and, therefore, the new trade restrictions- is China, which produces more steel than the rest of the world combined.
China’s economic model has established the conditions for overinvestment, overcapacity, and overproduction in many sector, including steel. The resulting spillover via exports threatens global markets and healthy profitability also in Europe. The government in Beijing has announced measures to cut its steel output for 2025 and 2026 to curb overcapacity, but not details have been released so far.
[Edit typo.]