"The UK wants agreements on steel and electric vehicles to avoid British industry being disadvantaged by scheduled changes to trade rules. The EU this week agreed trade restrictions on steel imports in response to a glut of artificially cheap Chinese imports that have depressed global prices."
"The Cabinet Office minister, Nick Thomas-Symonds, told reporters in Brussels this week that steel and EVs have to be a matter of discussion this year because of the context. Even if there was no wider reset discussion going on, steel at this moment would be something as a matter of discussion."
"To qualify for zero tariffs under the EU-UK trade and cooperation agreement, car manufacturers have to prove that 40% of the value of an EV is comprised of parts made in the EU and the UK. A move to a higher local-content requirement was delayed until 2027, after industry requests."
The UK aims to secure agreements with the EU on steel and electric vehicles to strengthen its post-Brexit economic relationship. Economic uncertainty from global conflicts and US relations pressures this initiative. The EU's new trade restrictions on steel imports will impact the UK, which is not the target but will face higher tariffs. Additionally, stricter electric vehicle trade rules will be implemented in 2027, requiring a significant local-content percentage for zero tariffs. The UK and EU carmakers have been granted a delay to meet these requirements due to battery production limitations.
Read at www.theguardian.com
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