EU steel talks could run to the wire, UK minister says

Britain's industry minister warned that talks with the EU on steel trade rules may go to the wire as a June 30 deadline approaches to replace import protections.

Talks with the EU on steel could run ​to the wire as Britain runs ​up against an end-month deadline to replace ‌its ​import protections, Britain's industry minister said on Monday, apologising to businesses for uncertainty. Britain's steel trade rules, originating from before Brexit, expire on ‌June 30. London has indicated that they will be replaced with a new trade measure that will reduce the quota of steel that can be imported tariff-free and double the tariff on imports exceeding that ‌quota.

However, details of the measure are still being finalised, and there are talks about market ‌access with the European Union, which is also renewing its steel trade measures amid worries over dumping before they expire next month. "History tells us that EU negotiations do tend to go to the wire," industry minister Chris McDonald told ⁠Reuters, adding that "we're ​confident that we'll be ⁠able to come to some sort of arrangement in time."

"I can't do more than apologise to those businesses who find ⁠this uncertain... but rest assured, they'll have to be finished before (July 1)." British ministers have previously indicated that ​Britain and the EU should be able to agree mutually beneficial exemptions to each other's measures.

McDonald, ⁠who is a junior minister in the Department of Business and Trade, said there was "no possibility" of moving the July 1 ⁠date, ​and if Britain didn't take action, "the UK will become the global dumping ground for subsidised steel, which would wipe out our steel industry in very short order." Britain, the EU and ⁠others are moving to protect domestic steel producers as they flag concern over the "dumping" of highly subsidised steel ⁠from countries such ⁠as China.

McDonald said he was giving businesses a message of "continuity and certainty" despite the turmoil caused by Keir Starmer's announcement earlier on Monday of ‌a timetable ‌for his resignation.