EU Toughens Steel Import Rules to Protect Industry
The European Union is fortifying its steel industry safeguards. Brussels is planning to halve the duty-free steel import quota and impose a higher tariff for excess imports.
At present, the EU permits duty-free steel imports up to a specific annual quota. Any amount surpassing this limit incurs a 25 percent tariff. Now, the EU Commission, headed by Industry Commissioner Stéphane Séjourné, is proposing substantial alterations.
The new measures aim to shield European steel producers from cheaper Chinese competition. Once enacted, the duty-free quota will be halved. This means only half as much steel will enter the EU market without tariffs. Furthermore, the tariff for excess imports will escalate to 50 percent.
The EU's steel industry will face tighter import regulations. The reduced duty-free quota and increased tariff aim to protect European producers and cultivate a fairer market environment.
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