EU increases tariffs on imported steel.

QNgTV - The European Parliament has approved a plan to significantly increase import tariffs on steel in order to protect the European Union's steel industry from cheap foreign steel.

The EU is increasing tariffs on imported steel.

With a majority vote, EU lawmakers decided to raise import tariffs on steel by 50% and reduce the amount of steel exempt from import duties by almost half.

Under the new regulations, the duty-free quota will be reduced to 18.3 million tonnes per year. The EU argues that the steel market began to become unbalanced in 2013 due to global overproduction, primarily linked to China.

European parliamentarians have stressed the need to protect the steel industry to maintain the region's competitiveness. The new measures are expected to take effect on July 1st after being ratified by member states.

Source: https://quangngaitv.vn/eu-tang-thue-thep-nhap-khau-6520088.html