EU agrees to double import tariffs on steel.

VTV.vn - The European Union (EU) has reached an agreement to increase tariffs on imported steel in an effort to support the struggling manufacturing sectors of its member countries.

Workers at a steel factory in China. (Source: THX/VNA)

According to the agreement reached on April 13th between member states and the European Parliament, tariffs on imported steel will be doubled to 50%. In addition, duty-free import quotas will be cut by 47%, to approximately 18.3 million tonnes per year – equivalent to EU imports in 2013, a time when the market became unbalanced.

The new mechanism will replace the current trade safeguard measures, which impose a 25% tariff on steel exceeding quotas, and are scheduled to expire at the end of June 2026. The new measures will apply to steel imports from most partners, except for countries in the European Economic Area (EEA), including Iceland, Liechtenstein, and Norway.

Speaking about this decision, EU Commissioner for Trade and Economic Security, Maros Sefcovic, emphasized the crucial role of the steel industry in Europe's strategic autonomy and industrial capacity, in the context of increasing global overcapacity.

The new agreement was developed based on a proposal put forward by the European Commission last year. However, this agreement is currently only temporary and needs to be formally approved by the European Council and the European Parliament before it can take effect.

Source: https://vtv.vn/eu-nhat-tri-tang-gap-doi-thue-thep-nhap-khau-100260414160450822.htm