EU doubles tariffs on imported steel - Aims to protect industry from strong competition from China
The European Union is significantly strengthening its steel protection measures, after MEPs and member states decided to double customs duties on steel imported from third countries. The aim is to protect European industry from strong competition, mainly from China, which offers large quantities of products at particularly low prices.
The agreement, reached late Monday evening, sees tariffs on steel imports rise to 50%, from 25% previously, while import quotas are cut by 47% in an effort to curb the oversupply that is weighing on European prices.
"The structure and global position of the European steel sector are fundamental elements for our strategic autonomy and industrial strength. We cannot ignore the global overproduction that has reached critical levels," said Trade Commissioner Maroš Šefčovič.
The Commissioner stressed that the decision will help ensure "the stability that our producers need so much to thrive in Europe", underlining the importance of protecting the sector from international pressures.
The agreement is based on a proposal by the European Commission presented last year. It envisages a reduction in duty-free import quotas to 18.3 million tonnes per year, half the current levels. This volume corresponds to the total steel imported into the EU in 2013, a year after which, according to Brussels, the market became unbalanced due to overproduction - mainly in China, which massively subsidises the steel industry and now produces more than half of the steel available internationally.
The new measures will apply to products imported from all third countries, with the exception of the European Economic Area (EEA) countries, namely Iceland, Liechtenstein and Norway.
The current regime, which imposes a 25% tariff on steel imports above quotas, expires at the end of June. The new agreement will enter into force after its formal approval by the European Council and the plenary session of the European Parliament.
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