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EU Eyes Higher Steel Tariffs, Taking Page From US
The European Commission aims to protect its steel industry by cutting import quotas nearly 50% and raising tariffs to 50%, matching US and Canadian steel trade policies.
- The European Commission plans to propose cutting steel import quotas by nearly half and hiking duties on excess volumes to 50% in a new steel package on October 7.
- Facing large cheap imports, the EU is aiming to contain overcapacity from subsidized Chinese steel factories after tightening quotas by 15% from April 1.
- Briefings and talks have preceded the formal proposal as Maros Sefcovic met Jamieson Greer in Asia earlier this month and Stephane Sejourne briefed steel associations today.
- Immediate trade effects include continued high U.S. tariffs as European steelmakers face a 50% export tariff, while current safeguards expire on June 30 next year.
- The package aligns EU measures with those used by the U.S. and Canada, with EU sources saying safeguards serve as a jumping-off point for talks with Washington and ringfence Western metals production.
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European Union to increase tariffs on steel imports
The European Commission, the EU's executive arm, will propose early next week a long-term mechanism that will also reduce the bloc's existing quotas for foreign steel by almost a half, the EU's industry chief, Stephane Sejourne, told a closed door event on Wednesday, according to a source.
·India
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Brussels plans to significantly reduce quotas and increase tariffs on steel imports into the European Union, European Commission Vice President Stéphane Séjourné said at a meeting with steel industry representatives on Wednesday, Reuters reported. The commission's proposal calls for cutting quotas on steel imports by almost half.
Coverage Details
Total News Sources45
Leaning Left7Leaning Right5Center8Last UpdatedBias Distribution40% Center
Bias Distribution
- 40% of the sources are Center
40% Center
L 35%
C 40%
R 25%
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