EU set to raise steel import tariffs to 50%
The European Union is planning to increase tariffs on steel imports to 50%, according to a draft proposal, News.Az reports, citing Bloomberg.
The move would bring the bloc’s rate in line with the United States, which has been aiming to counteract excess steel production from China.
The EU currently has a temporary mechanism in place to safeguard its steel industry, which imposes a 25% duty on most imports once quotas are exhausted. That mechanism expires next year and the EU has been working to replace it with a more permanent instrument, which it plans to unveil next week.
The European Commission, which handles trade matters for the EU, plans to boost the tariff rate to 50% “to minimize the risk of trade diversion,” according to the draft. The higher rate would apply to imports once a certain quota is reached.
The plans outline quotas for specific product types based on historical averages. The commission is also seeking powers to set out country-specific quotas for the various thresholds.
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