EU Proposes Major Steel Tariff Boost to Protect Industry
The European Union is set to significantly boost customs tariffs on steel imports, aligning with measures already taken by the United States and Canada. This move comes as the EU's current safeguards on steel imports are due to expire in June 2026.
The EU's proposal aims to replace these expiring safeguards with a news system that will not be temporary. It includes a substantial reduction of foreign steel quotas, nearly halving them. This news system will also see the EU impose a 50 percent tariff on steel imports above certain quotas, mirroring the U.S. and Canadian measures.
The EU's plan requires negotiated support from its member countries and the European Parliament. The process typically involves various actors, including the European Commission, which is responsible for proposals and implementation, the European Parliament for approval, and the European Council for setting the direction. Internationally, coordination with other countries and organisations like the World Trade Organization (WTO) is crucial to ensure the measures align with global trade rules.
The EU's new steel tariff proposal, if approved, will significantly impact global steel news. It aims to protect the European steel industry while ensuring compliance with international trade rules. The final decision will depend on the support of EU member countries and the European Parliament.
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