UK Propose a Carbon Border Tax on Imported Steel and Conduct a Review of Safeguard Measures

Financial Times reported on January 23 that the UK will propose a carbon border tax on imported steel and encourage companies to invest in greener technologies. The introduction of a carbon border adjustment mechanism will force importers to bear the costs of carbon emissions from overseas steel, two people familiar with the matter said. They confirmed that Chancellor Hunt had also agreed to a bespoke electricity bill subsidy for the steel industry, which goes beyond the aid package announced by the Treasury earlier this month.

At the same time, according to the information searched through the China Trade Remedy Information Network, on January 16, 2023, in response to the application submitted by the British company Celsa Steel (UK) Ltd, the British Trade Remedy Agency (TRA) imposed imports of steel products (Certain Steel Products) Carried out a review investigation of safeguard measures to review whether to adjust the list of some developing countries/regions exempted from rebar safeguard measures. The countries involved include India, the United Arab Emirates, Oman, Egypt, etc. And the British tax codes of the products involved are 72142000 and 72149910. The investigation period is from January 1, 2022 to December 31, 2022.