EU Implements Tough New Steel Import Quotas and Tariffs to Protect Industry
The European Commission has implemented new steel import quotas and tariffs to safeguard the EU's steel industry. The measures, which include a significant reduction in import quotas and a doubling of tariffs, are a response to increasing supplies from countries with excess production capacity.
The total steel import quota for all categories has been slashed to 18.35 million tons, a substantial 43.7% reduction from the 2024 average. This move aims to curtail the influx of steel from countries like China, which has been flooding the EU market with excess production. The EU Commission's decision to hike import tariffs from 25% to 50% is part of these broader protective measures. While the name of the European Commissioner for Industry who approved this increase remains undisclosed, the EU Commission's strategy aligns with its ongoing efforts to bolster the EU's steel industry under pressure from overcapacity and imports.
Under the new rules, only 10% of steel consumed in the EU will be imported without tariffs. This restriction is designed to encourage domestic production and protect EU steelmakers from unfair competition.
The European Commission's steel import quota reduction and tariff hike are set to reshape the EU's steel market. These measures, while protecting the EU's steel industry, may impact global steel trade and relations with countries like China. The EU Commission's commitment to supporting its steel industry remains steadfast.
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