"On Tuesday, the European Commission proposed that the 27-member bloc would slash its tariff-free steel import quota by 47 percent to 18.3 million tonnes and would impose a tariff of 50 percent on any steel imported in excess of this amount. list of 3 itemsend of list This represents a sharp hike: The EU's current annual steel import quota stands at 33 million tonnes, and imports above this limit are subject to a 25 percent tariff."
"The announcement has rattled the British steel industry, which exports nearly 80 percent of its steel to the EU. This is perhaps the biggest crisis the UK steel industry has ever faced, Gareth Stace, director general of the lobby group UK Steel, said on Tuesday. He described the move as a disaster for British steel. Community, a trade union representing UK steelworkers, said the EU's proposal represents an existential threat to the UK steel industry."
"The new tariff is expected to come into effect from June 2026, as long as EU countries and the European Parliament approve it. The EU says it has no choice but to bring in the new tariff as it seeks to protect its own markets from a flood of subsidised Asian steel, which has been diverted by US President Donald Trump's latest 50 percent tariff on all steel imports to the US. The EU also wants to protect its steel sector from the challenge of global overcapacity."
EU plans to cut its tariff-free annual steel import quota by 47% to 18.3 million tonnes and to impose a 50% tariff on imports above that threshold. The current quota is 33 million tonnes and excess imports now face a 25% tariff. The UK exports nearly 80% of its steel to the EU, making the measure a severe threat to the UK steel sector. Industry leaders and unions warned of existential and historic crisis-level impacts. The tariff could take effect from June 2026 pending approval. The EU cites diversion of subsidised Asian steel after US 50% tariffs and concerns about global overcapacity.
Read at www.aljazeera.com
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