EU Doubles Steel Tariffs, Halves Quotas to Combat Chinese Competition
The European Union (EU) is taking decisive action to protect its steel industry. It's negotiating with the US for tariff exemptions and planning to double tariffs on steel imports, a move driven by intense competition from Chinese factories and their subsidies.
The EU's 27 member states, from Austria to Sweden, are evaluating proposals to increase tariffs on steel imports. The new rates will mirror those imposed by the United States and Canada. This comes as global steel prices plummet due to China's vast production capacities.
To tackle Chinese competition, the EU will halve the quotas for duty-free steel imports. For imports exceeding these quotas, tariffs will be doubled, reaching a steep 50%.
The EU's decision to double steel tariffs and reduce duty-free quotas aims to shield its industry from the impact of Chinese competition and subsidies. These measures are part of ongoing negotiations with Washington to secure an exemption from US tariffs on European steel.
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