The European Union plans to increase tariffs on steel imports to 50%. This decision will align the tariff percentage with the level of the United States, which is trying to counter steel overproduction from China. This is reported by Bloomberg, writes UNN.
Details
Currently, the EU has a temporary safeguard mechanism for the steel industry, which provides for a 25% tariff on most imports after quotas are exhausted. This mechanism expires in June, and the EU is working on replacing it with a more permanent solution, which it plans to present next week.
The European Commission, which is responsible for EU trade policy, intends to raise the tariff rate to 50% "to minimize the risk of trade diversion," according to the draft. The higher percentage will apply to imports after a certain quota is reached.
The plans provide for quotas for specific types of products based on historical averages. The Commission also seeks to obtain the authority to set country-specific quotas for different thresholds.
Under the proposal, these measures will be reviewed every five years from July 2031 to assess overproduction trends and their impact on the steel market.
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The EU steel industry has been experiencing a serious crisis in recent years due to cheap imports from China and other Asian economies. In addition, US President Donald Trump immediately after taking office increased tariffs on steel and aluminum imports to 50%.
The head of EU industry, Stéphane Séjourné, stated at a closed meeting that the Commission plans to present the proposed increase in steel tariffs next week.
He noted that while the EU continues to believe in an international order where trade is possible, "we will not be the only ones to impose on ourselves principles that others no longer apply."
The European Steel Association Eurofer has long called for tougher measures in view of the new market dynamics and is asking for a comprehensive trade regime after safeguard measures after 2026 to counter the harmful effects of global steel overproduction on the EU market.
If there are no strong barriers to steel imports into Europe at below-cost prices, key elements of European prosperity - cars, trucks, batteries and wind turbines - will not be able to be made from our steel. The Commission has recognized the risk and will soon act
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