"The EU Commission announced Tuesday it would double its duties to 50% for steel imports above a a tariff-free quota with the quota itself planned to be cut by 47% to 18.3 million tons a year. The proposal is subject to approval by the EU's 27 member states and the European Parliament The decision comes under efforts to address global overproduction and a slump in European output that has left a third of the bloc's steel production capacity idle."
"But questions are already being raised if the bloc that advertises itself as a paragon of free trade has taken a leaf from US President Donald Trump's playbook, as Brussels matched 50% steel tariffs imposed by Washington earlier this year. Or is it merely trying to save its domestic steel industry from overcapacity and seek a better deal with the US on European steel exports?"
The EU Commission will double duties to 50% on steel imports that exceed a reduced tariff-free quota, while cutting the quota by 47% to 18.3 million tonnes annually. The proposal requires approval from the EU's 27 member states and the European Parliament. The measure targets global overproduction and a slump in European output that has left about a third of the bloc's steel production capacity idle. Brussels matched 50% tariffs imposed by the United States earlier in the year. China condemned the measure as protectionist, with the China Chamber of Commerce in the EU calling it a worrying rise in trade protectionism.
Read at www.dw.com
Unable to calculate read time
Collection
[
|
...
]