The Trade Remedies Investigations Directorate (TRID) has today opened two new investigations into existing European Union anti-dumping duties to determine if they are fit for purpose in the UK.

TRID, which will shortly become an arms-length body of the Department of International Trade, will undertake transition reviews into existing duties on certain Cold Rolled Flat Steel products from China and Russia as well as high fatigue performance iron or steel concrete reinforcing bars and rods (sometimes referred to as HFP Rebars) from China.

The reviews will consider whether the duties are needed to offset dumping of Cold Rolled Flat Steel and HFP Rebar in the UK and whether UK industry would be damaged if the duties were no longer applied. Chief Executive of TRID Oliver Griffiths said:

“The initiation of these two new investigations means we now have 11 active transition reviews, with more to come. In every case our focus is on defending UK economic interests against unfair international trade practices.”

For both Cold Rolled Flat Steel and HFP Rebar, the investigations will cover 1 April 2020 to 31 March 2021. In order to assess injury, TRID will examine the period from 1 April 2017 to 31 March 2021.

TRID will shortly become an independent arms length body of the Department of International Trade as the Trade Bill has now become law.

View further information on our current Transition Reviews, including the notices of initiation for both Cold Rolled Flat Steel and HFP Rebar.

Note to editors:

• Anti-dumping duties allow a country or union to take action against goods sold at less than their normal value, defined as the price for ‘like goods’ sold in the exporter’s home market.
• Cold Rolled Flat Steel is used in the manufacture of parts for the automotive industry, construction components and domestic appliances, as well as other goods. The products under investigation include:
  • Flat-rolled products of iron or non-alloy steel, or other alloy steel but excluding of stainless steel, of all widths, cold-rolled (cold-reduced), not clad, plated or coated ad not further worked than cold-rolled (cold-reduced).
  • HFP Rebar, also known as reinforcement steel and reinforcing steel, is typically used to reinforce concrete and masonry structures to strengthen and hold the concrete in tension

Sir Robbie Gibb had a long career as a broadcast journalist in BBC News – he was head of BBC Westminster and Editor of Live Political Programmes, as well as Deputy Editor of BBC Two’s Newsnight. He left the BBC in 2017 to become Director of Communications at No10 Downing Street, stepping down in 2019. He also previously worked as an Editorial Advisor to GB News, until October 2020. Sir Robbie now works as a senior communications adviser at Kekst CNC and is a Director of the Jewish Chronicle newspaper.

The base fee for all BBC non-executive directors is £33,000 per annum. A committee chair fee of £5,000 is paid on top of the base fee for chairing one of the permanent committees of the Board. This appointment has been made in accordance with the Cabinet Office’s Governance Code on Public Appointments. The process is regulated by the Commissioner for Public Appointments. The Government’s Governance Code requires that any significant political activity undertaken by an appointee in the last five years is declared. This is defined as including holding office, public speaking, making a recordable donation or candidature for election. Sir Robbie Gibb declared that between 2017 and 2019 he was Director of Communications at No10 Downing Street.

• the Financial Services Bill has received Royal Assent and is now law
• represents major milestone in shaping a regulatory framework for UK financial services outside of the EU
• enhances competitiveness of the sector and ensures it continues to deliver for UK consumers and businesses

The Bill – which is now an Act – will ensure the UK remains an open and dynamic financial centre, with the highest regulatory standards, and protect people across the UK as they use financial services.

It represents a further step in delivering the Government’s vision for a more open, technologically advanced and greener industry that serves the communities and people of this country.

John Glen, Economic Secretary to the Treasury, said:

For the first time in decades, the UK has full control of its own financial services regulation. This Act will protect people who rely on financial services day-to-day and boost the competitiveness of our dynamic global financial centre. It marks a major milestone in our plans to develop a regulatory regime that works for the UK and helps us seize new opportunities in the global economy.

Measures in the Act will:

• enhance the UK’s world-leading prudential standards and promote financial stability by enabling the implementation of the remaining Basel III standards and a new prudential regime for investment firms, and giving the Financial Conduct Authority the powers it needs to oversee an orderly transition away from the LIBOR benchmark

• promote openness between the UK and international markets by simplifying the process to market overseas investment funds in the UK and delivering a Ministerial commitment to provide long-term access between the UK and Gibraltar for financial services firms

• maintain an effective financial services regulatory framework and sound capital markets with a number of smaller measures, including measures to improve the functioning of the Packaged Retail and Insurance-based Investment Products Regulation and increase penalties for market abuse

• protect consumers who use a range of financial services, by bringing interest-free buy-now-pay-later products into regulation, and improving access to cash by making it easier for retailers of all sizes to offer cashback without a purchase

Notes to editors

• the Financial Services Act can be read in full here