The week ahead will see a pair of significant changes come in for traders, as the UK introduces its new tariff regime for steel and the EU brings in a major shift in how it deals with low-value imports into the continent.
The possible future prime minister Andy Burnham is also delivering a major speech setting out his economic approach, while the Chartered Institute is running a programme of trade insights at Multimodal in Birmingham.
UK steel tariffs
Two major deadlines are coming in on 1 July.
Firstly, the government is bringing in a new regime for steel imports into the UK.
From 1 July, available quotas for certain steel goods will be reduced significantly. The 25% safeguarding duty for out-of-quota goods will be removed, and a 50% will apply instead.
Buyers of pipes, tubes, frames and other products produced using steel are being warned of the extensive changes.
“These quotas are applied on a ‘first come, first served’ basis at the beginning of each quarter”, warned Anna Doherty, technical director at the Chartered Institute of Export & International Trade.
“This isn’t just for pure metal importers, but for all manufacturers who import a variety of steel products in scope of these measures like tubes, pipes or shapes. Traders should be aware of these changes and take action, otherwise they could start paying higher tariff rates for their imports."
Doherty said that transition arrangements applied for goods imported between 1 July and 30 September 2026, but this required evidence that the contractual arrangements for their import had been made before 14 March.
EU de minimis
Another major change is the EU’s de minimis regime, which will also come into effect on 1 July.
From this date, all low-value consignments will be charged a €3 customs duty per item.
This will apply until 1 July 2028, after which “normal customs duties will apply, depending on the type of good.”
Burnham speech
Makerfield MP Andy Burnham will set out his economic vision for the UK, pledging a “ten-year mission” to raise living standards and drive growth "across every nation and region of the UK".
Burnham, the frontrunner to be the next Labour leader and therefore prime minister, is expected to focus on reducing the country’s number of NEETs (people ‘not in education, employment or training’) and propose further devolution to the UK’s nations and regions, moving power further out of Westminster. He is also expected to outline his position on UK finances, with many institutions worried about his approach to fiscal discipline and taxation.
No other leadership contender has yet emerged within the Labour Party, meaning Burnham is currently on course to become leader uncontested and enter Downing Street by 20 July. Senior Labour figures have played down the idea that Burnham should call a general election and instead “get on with the job” of governing the country.
Speculation also mounts over the next chancellor and wider cabinet, with Ed Milliand, Wes Streeting and other senior figures jostling for position.
Multimodal conference
During the middle of this week (30 June to 2 July), supply chain businesses and professionals will be gathering in Birmingham for Multimodal, an annual set piece event for the freight and logistics industry.
The Chartered Institute will be there, hosting a series of panels and discussions on key international trade and supply chain topics, such as digitalisation, new voluntary standards for intermediaries and customs documentation processes.
Its director general, Marco Forgione, will be appearing on a keynote panel addressing how geopolitical disruption has affected global trade this year. He is speaking alongside senior representatives from Maersk, Logistics UK and deugro.
The Chartered Institute’s technical experts and membership team will also be on hand to offer practical insight and support.
If you’re going to Multimodal this year, come see us on stand 8099 and attend our panels in the Rover Theatre.
Over the weekend
· CEO of Japanese shipper NYK Line told the FT that mines could restrict maritime traffic in the Strait of Hormuz for months, saying that safe routes are “extremely limited”
· The US and Iran agreed a temporary pause in attacks after a series of retaliatory strikes that took place during their interim peace deal
· Giles Thomson, head of the Office of Financial Sanctions Implementation (OFSI), said that his agency was “increasingly looking” to take action over Iranian sanctions breaches
Other dates for the diary
· Monday: Wimbledon starts
· Tuesday: Paraguayan President Santiago Peña hosts meeting of Mercosur members, where discussions expected on negotiations with Japan
· Wednesday: Changes to the energy price cap take place
· Thursday: Ruling expected from EU’s Court of Justice on record fine imposed on Google for breaches of European antitrust law
· Friday: Bank of England governor Andrew Bailey addresses Aix-en-Provence Economic Forum
· Saturday: US celebrates 250-year anniversary of founding
· Sunday: OPEC+ monthly meeting
