Gold prices steady above $3,400/oz on rate cut bets; PCE data awaited
Investing.com -- The United Kingdom (TADAWUL:4280) will impose additional import duties on nitrogenous fertilizers from Russia and Belarus starting July 18, according to the UK Department for Business and Trade, as reported by Interfax.
The new tariffs will increase gradually over a three-year period, following a similar approach to measures previously adopted by the European Union.
The additional duty will start at 10% on July 18, then rise to 20% on July 1, 2026, and finally reach 35% on July 1, 2027.
UK importers currently pay a general duty ranging from 6% to 6.5% on nitrogenous fertilizers, with the exact rate depending on the specific product type.
This new measure expands on the UK’s March 2022 action, when it imposed 35% additional import duties on key Russian and Belarusian goods.
Those earlier tariffs applied to all types of fertilizers except nitrogenous ones.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.