"The EU on Tuesday announced it was planning to double tariffs on foreign steel and halve the volume allowed into the bloc before duties are imposed. The unveiling of the proposals by industry commissioner Stephane Sejourne comes as Europe's steel sector struggles to contend with competition from China, which dwarves the bloc's production. The proposed EU move comes after US President Donald Trump also imposed 50% tariffs to keep out cheap metal imports from the Asian giant."
"Steel sector 'on the verge of collapse' "The European steel industry was on the verge of collapse we are protecting it so that it can invest, decarbonize and become competitive again," Sejourne told journalists before the announcement. Sejourne wrote on X, formerly Twitter, as he announced the move that the strategy meant "the reindustrialization of Europe." The scheme is meant to permanently replace the safeguard clause that is currently in place, in which 25% duties are imposed when set import quotas are exceeded."
The EU plans to double tariffs on foreign steel and halve the volume allowed into the bloc before duties are imposed. The proposal would permanently replace the current safeguard clause, under which 25% duties apply when import quotas are exceeded. The measure aims to protect the European steel sector, enable investment, support decarbonization and restore competitiveness as part of a reindustrialization strategy. The proposal requires approval by the EU's 27 member states and the European Parliament. China produced about 1.1 billion metric tons of steel last year, while the EU accounted for roughly 129.5 million tons.
Read at www.dw.com
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