The U.K. government has proposed a new $100 billion steel tariff to be applied to the steel industry, according to a report.
The government said the tariff would be in place if U.N. prices fall below $80 a tonne.
“This new tariff will provide the U. S. with a much needed tool to support the industry and protect jobs,” U. K. Prime Minister Theresa May said in a statement.
U. N. steel tariffs, which have been used for decades to protect against a decline in prices of U.s. steel, have been a source of concern for U.k. industry.
government is trying to boost its domestic steel market, but is also pushing a number of other measures, including new tariffs to curb steel exports, new duties on U. s. imports and more.
Last year, U. n. steel industry exports were down 16.7 percent from the year before.
“The steel sector is experiencing a serious downturn, and we must find a way to help our industry survive,” May said.
The British government is also proposing new measures to protect the U s steel industry against the global financial crisis.
U nions Steel said the measures would boost the value of U s exports to the U.,s.
by up to $4 billion.
The measure is part of a broader package of measures that are aimed at protecting U.a. steel from the global economic downturn.
“We are working with the Government to strengthen the position of our industry and deliver the benefits we all need to grow,” U s Steel said in its statement.
The steel industry is a key part of the U .s. economy, with 1 in 10 of the countrys jobs linked to the industry.
A total of 11.6 million U.n. jobs were created in the steel sector in 2015, according a report by the National Employment Law Project.