The EU plans to significantly increase steel import tariffs to protect its domestic industry.

After the United States, the European Union will also propose a significant increase in steel tariffs

On October 1st, French EU Commissioner for Industrial Policy, Sajoune, told steel industry representatives that the EU will propose to cut steel import quotas and significantly increase tariffs on imported steel from abroad.

During a summit of EU member state leaders in Denmark, Sajoune, who is responsible for EU industrial policy, said at a meeting in Brussels: The EU will propose to cut steel import quotas and significantly increase tariffs on imported steel from abroad.

Xinhua News Agency report: Participants told AFP that Sajoune said the EU authorities will announce new measures to protect the steel industry next week, replacing the current "safeguard clause" which will expire next year.

After US President Trump announced earlier this year that he would impose a 50% tariff on steel sold to the United States, protecting the steel industry has become a priority for EU authorities.

The EU Executive Commission will propose reform measures to prevent Washington from introducing new tariff rates, or Canada imposing higher tariffs on Chinese steel, leading to a large influx of cheap steel into the EU market.

The EU had reached a tariff agreement with the United States in July, but was unable to get Trump to lower tariffs on European steel. However, EU officials believe that relevant agreements may still be reached in the future.

The current safeguard measures taken by the EU Executive Commission will expire next year, which include limiting the amount of imports. The Commission also tried to protect the industry from the impact of excess capacity in Asia.

If the quota is exceeded, the current tariff rate on imported steel in the EU is 25%.

Sajoune, who is responsible for EU industrial policy, pointed out that the EU authorities hope to nearly halve the quotas for foreign steel and raise tariffs to levels comparable to those of the United States and Canada.

Sajoune also mentioned that once the above proposal is approved, it will not be a temporary measure.

Source: rfi

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