Global News Of Note: UK Announces New Steel Strategy While China Pledges To Curb Capacity

What happens abroad impacts MSCI members in North America. Here is the latest economic, trade, and other policy news of note for the last week:

• On March 19, the government of the United Kingdom (UK) announced a new Steel Strategy that aims to ensure up to 50 percent of steel used in the UK is manufactured in the UK. As part of the plan the government said that, starting July 1 2026, overall quota levels for steel imports would be significantly reduced by 60 percent compared to current arrangements. Steel coming into the UK above these levels will be subject to a 50 percent tariff as of that date. Read the government’s full announcement at this link.
• As MySteel reported, the Chinese government has pledged to curb steel capacity in 2026 as part of a broader campaign to eliminate excessive competition and stabilize heavy industries. The directive was contained in the Report on the Implementation of the 2025 Plan for National Economic and Social Development and in the 2026 Draft Plan for National Economic and Social Development. The report was submitted by the National Development and Reform Commission (NDRC) to the National People’s Congress on March 5 and formally approved on March 12.
• The European Union will restart work on implementing a framework trade deal with the United States. Members of the European Commission’s International Trade Committee voted on March 19 to adopt two legislative proposals that address key elements of the deal. The proposals, if adopted, would remove most tariffs on U.S. industrial and agricultural goods. Supply Chain Dive has more information.
• As Bloomberg reported, the government of South Africa has approved new tariffs on structural-steel products from China and Thailand. Trade, Industry and Competition Minister Parks Tau authorized the tariffs, which were recommended by the country’s International Trade Administration Commission, which first initiated its probe in 2024. The duty imposed on Chinese imports is 74.98 percent while shipments from Thailand will face 20.32 penalties.