EU plans 25-50% tariffs on Chinese steel - Beijing produces more than half of the global total
The European Commission plans to impose tariffs of 25% to 50% on steel and its by-products from China in the coming weeks, according to German media outlet Handelsblatt, citing senior officials in Brussels. The Commission has not yet commented on the report. China's Ministry of Commerce has also not responded to the potential tariffs.
Commission President Ursula von der Leyen said earlier this month that a new method would be proposed to limit steel imports, as global overcapacity was squeezing profits and making it harder for the European steel industry to invest in decarbonisation. She added that a new long-term trade instrument would be created to replace the current safeguard measures for steel, which under international trade rules cannot be extended beyond mid-2026.
Meanwhile, Chinese exports in this sector are expected to grow by 4% to 9%, reaching a record of around 115-120 million tonnes, according to analysts' forecasts. Only 4% of these exports, or 368,000 tonnes, go to the EU, according to Beijing data.
Experts say the impact of EU tariffs of 25-50% will be minimal for Chinese industry, due to the small volumes sold in Europe. More than half of the world's steel is produced in China, which is looking for new markets due to a drop in domestic consumption after the crisis in the real estate sector.
As of 2024, about 54 tariffs and trade barriers have been initiated against Chinese steel, according to Beijing data. Analysts explain that the growth of Chinese exports will bring even more restrictions from other countries.
European steelmakers also face 50% import tariffs in the US. Meanwhile, since late July, the EU has begun monitoring trade in recycled metals, including steel, aluminium and copper, following strong warnings from the industry about shortages and the risk of processing plant closures.
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