(Bloomberg) -- The UK said it would extend tariffs on steel imports to mid-2024 to protect Britain’s domestic industry, despite concerns that the move could conflict with World Trade Organization rules.
Removing tariffs at this time could cause “serious injury to UK steel producers,” International Trade Secretary Anne-Marie Trevelyan told the House of Commons on Wednesday.
The two-year extension of safeguard tariffs and quotas on certain steel products comes after the UK said it would consult with other countries on its plan before making a decision. Trevelyan said that it’s in the UK’s economic interest to maintain the safeguards.
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