EU proposes to double import steel tax

EU đề xuất tăng gấp đôi thuế thép nhập khẩu

Under the European Commission's proposal, tariffs on imported steel would double to 50%, while the amount of steel allowed to be imported before the tariffs are imposed would be nearly halved.

If approved by member states and the European Parliament, the measure would replace the current safeguard mechanism, which imposes a 25% over-quota tariff and is due to expire in 2026.

The steel industry is seen as crucial, particularly for the production of renewable energy equipment and electric vehicles in Europe. The EU is currently in discussions with the US about setting up steel import quotas and forming a “metals alliance” to protect the economy from global overcapacity.

According to the World Steel Association, China will produce more than 1 billion tons of steel by 2024, accounting for more than half of global output. Meanwhile, European countries' output is much lower, with Germany reaching 37 million tons, Spain 12 million tons and France under 11 million tons.

China's excess capacity has pushed prices down on world markets, while soaring energy costs have squeezed European producers' profit margins.

ArcelorMittal Group - the world's second-largest steelmaker, recently suspended a 1.8 billion euro ($2.1 billion) decarbonization project at Europe's largest blast furnace in Dunkerque and announced about 600 job cuts at seven facilities in northern France.

The EU has applied a safeguard mechanism for the steel industry since 2019, which was extended in 2024 and is expected to expire in mid-2026. However, this mechanism is assessed by the industry as insufficient to cope with the current competitive situation.

The steel industry has long been a symbol of European integration. In the 1950s, it was the coal and steel industry that laid the foundations for the formation of the European Community, the beginning of today's EU.

Source: https://vtv.vn/eu-de-xuat-tang-gap-doi-thue-thep-nhap-khau-100251007201302487.htm