UK Proposes Lifting Anti-Dumping Measures On Chinese Steel
Mohammad Ali (@ChaudhryMAli88) Published July 13, 2022 | 06:20 PM
MOSCOW (UrduPoint News / Sputnik - 13th July, 2022) The United Kingdom's Trade Remedies Authority proposed on Wednesday scrapping anti-dumping measures on Chinese reinforcement steel to meet rising domestic demand from the construction industry.
"The UK's Trade Remedies Authority (TRA) has today (13 July 2022) proposed that existing anti-dumping measures on imports of High Fatigue Performance Steel Concrete Reinforcement Bars (HFP Rebar) from China be revoked," a statement read.
The trade defense enforcement authority argued that keeping the measures, in place since 2016, would have a severe impact on the British economy and specifically on its construction sector.
The UK saw a drop in steel supplies from Russia, Belarus and Ukraine this year, which accounted for 27% of Rebar imports in 2020-2021. The shortfall comes as the construction sector continues rebounding from the pandemic.
TRA Chief Executive Oliver Griffiths said that keeping the remedies in place would push up prices for the construction industry, a key element of the economy worth an annual $129 billion.
"Our judgement is that the impact on the British economy of higher prices would significantly outweigh the impact on the sole UK producer of rebar of removing tariffs on Chinese imports," he said further.
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