European Union broadens industry protection and confirms 50% tariff on part of steel imports

New system cuts the volume of steel that can enter tariff-free by 47% and applies a 50% charge on imports above the quota to protect European industry.

European Union flags at the European Parliament headquarters in Strasbourg, France Antoine Schibler/Unsplash The European Commission announced on Tuesday (30) the new rules for steel imports into the European Union. The goal is to protect the bloc's steel industry from external competition and raise plant capacity utilization to 80%. Under the new rules, the volume of steel allowed to enter the European Union without paying tariffs will be reduced by 47%, to 18.3 million metric tons per year. 🗒️Do you have a news tip? Send it to g1 If this limit is exceeded, a 50% tariff will be applied to the surplus across 26 categories of steel products. Half of the quotas were reserved for countries that maintain free trade agreements with the European Union. The other half will remain available to all trading partners, including those same countries.

Source: g1.globo.com