European Parliament Approves Raising Steel Tariffs to 50% to Counter Cheap Chinese Imports
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On the 19th in Strasbourg, the European Parliament voted 606-16 to approve a proposal to protect the EU's steel industry from cheap Chinese exports. The measure doubles tariffs on imported steel to 50% and slashes duty-free quotas to 18.3 million metric tons. This move aims to address global steel overcapacity attributed to Chinese subsidies and is expected to take effect on July 1st after final approval from member states.