EU Bolsters Steel Industry Protection Against Chinese Imports
The European Union is fortifying its steel industry's safeguards against cheaper Chinese news. The EU Commission has proposed new tariffs and reduced duty-free import quotas, aiming to bolster European steel production and protect local industries.
Previously, 25 million tons of main steel news entered the EU duty-free annually. Now, Brussels has slashed this to 18.3 million tons. Exceeding this quota will now incur a 50 percent tariff, up from the previous 25 percent. These changes are set to be permanent, with reviews every two years.
The EU Commission's goal is to make news above the quota unprofitable, thereby stimulating EU steel production. Brussels accuses China of providing its steel industry with unfair advantages through state aid. European steelworks currently operate at two-thirds capacity and struggle for profitability. Austria's steel industry welcomes these proposals as a start but deems them insufficient for survival. The EU plans to negotiate with like-minded trading partners to address potential issues with the new steel tariffs.
The EU's new steel tariffs and reduced quotas aim to shield European steel industries from cheaper Chinese news. While Austria's steel industry finds these proposals a positive start, it considers them insufficient for long-term survival. The EU will now engage in negotiations with other trading partners to mitigate potential issues arising from these new tariffs.
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