EU Proposes Doubling Steel Tariffs to 50% to Block Cheap Chinese Steel Impact

AI Summary (NQ-processed)

The EU legislative bodies and national governments have agreed to double tariffs on foreign steel to 50% and significantly cut duty-free quotas by 47% to protect the EU steel industry from the impact of cheap Chinese steel. This move addresses global steel overcapacity, reducing the duty-free quota to 18.3 million tons annually, based on 2013 levels. The new measures will apply to all steel-importing countries, excluding Iceland, Liechtenstein, and Norway.