EU Hikes Steel Tariffs to 50 Percent

European Union (EU) negotiators reached a significant agreement on Monday to double tariffs on foreign steel, raising levies to 50 per cent.

This decisive move is aimed at protecting the bloc’s domestic industry from an influx of inexpensive Chinese exports.

Alongside the price hike, the agreement drastically reduces the volume of steel permitted to enter the market before tariffs apply, cutting quotas by 47 per cent.

EU Trade Chief Maros Sefcovic emphasised that the stability of the steel sector is vital to Europe’s “strategic autonomy” and industrial power.

He noted that the region can no longer ignore the critical levels of global overproduction.

EU (News Central TV) — The EU hikes steel tariffs to 50 per cent. Credit: Reuters

The EU wants to fix a market imbalance it thinks was caused by heavily subsidised production in China by bringing import quotas back to 2013 levels, which are about 18.3 million tonnes a year.

The new measures are set to apply to all countries globally, with exceptions granted only to members of the European Economic Area, such as Norway, Iceland, and Liechtenstein.

This plan replaces the existing safeguard scheme, which is scheduled to expire this June.

While the deal is currently provisional, it is expected to be formally adopted once it receives official endorsement from the European Council and Parliament.

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Abisoye Adeyiga

Abisoye Adedoyin Adeyiga holds a PhD in Languages and Media Studies and a Master’s in Education (English Language). Trained in digital marketing and investigative journalism, she is passionate about new media’s transformative power. She enjoys reading, traveling, and meaningful conversations.