Europe doubles tariffs on imported steel.

VTV.vn - EU lawmakers have agreed to increase tariffs on imported steel to 50%.

A steel casting line at a steel plant in France in 2018. Photo: AFP

On May 19, the European Parliament (EP) officially approved a decision to double tariffs on imported steel, a move aimed at protecting the European Union's steel industry from a wave of cheap exports from China.

With 606 votes in favor and 16 against, EU lawmakers agreed to increase tariffs on imported steel to 50%, while cutting the volume of steel allowed for import before the tariffs were imposed by 47%.

According to new measures proposed by the European Commission (EC) last year, the duty-free import quota for this product will be reduced to 18.3 million tonnes per year. This figure is equivalent to the total volume of steel that the EU imported in 2013.

Once formally approved by EU member states, this regulation will become law and come into effect on July 1, 2026.

Explaining the choice of 2013 as a benchmark, EU officials stated that the global steel market had begun to become unbalanced from that point onwards due to overcapacity. The main cause stems from China, which heavily subsidizes its domestic producers and currently accounts for more than half of the world 's steel production.

Observers point out that the EU's new strategy has many similarities to measures being implemented by US President Donald Trump. The US is currently imposing a 50% tariff to prevent the supply of cheap metals from China.

Source: https://vtv.vn/chau-au-tang-gap-doi-thue-ap-len-thep-nhap-khau-100260520095533787.htm