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LONDON — Britain on Thursday proposed extending a set of tariffs and quotas on five steel products for two years to protect domestic steelmakers.

A year ago, Britain introduced new regulations to protect its steel industry, which employs nearly 34,000 people and generates around $2 billion in revenue each year.

“Removal of the steel safeguard measure would likely result in increased imports and therefore cause serious injury or threat of serious injury to UK steel producers,” a statement read.

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Last year, Britain retained quotas and tariffs inherited from the European Union on 10 grades of steel for three years. But on five products, backups have been temporarily extended for a year.

These must now be held for another two years, in part due to the expectation of a global oversupply of steel products “for the foreseeable future”, the statement added.

The EU introduced quotas in 2019 while Britain was still in the bloc to guard against the redirection of steel shipments normally destined for the United States to Europe after US President Donald Trump imposed customs duties of 25%. (Reporting by William James and Eric Onstad; Editing by Michael Holden and Alison Williams)

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