European Union proposes doubling import steel tariffs

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

Finished steel products of Japanese steelmaker Nippon Steel. (Photo: Reuters/VNA)

On October 7, the European Union (EU) announced plans to sharply increase steel import taxes and cut quotas to protect the steel industry, which is struggling due to competitive pressure.

Under the European Commission's proposal, tariffs on imported steel would be doubled to 50%, while the amount of steel allowed to be imported before the tariffs were 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 next year.

EU Industry Commissioner Stephane Sejourne said: “The European steel industry is on the brink of collapse. We are taking action to protect it, help it invest, decarbonise and regain its competitiveness.”

Together with Mr. Séjourné, EU Trade Commissioner Maros Sefcovic will present the details of this package of measures at the European Parliament in Strasbourg (France).

The EU is in talks with the US about setting steel import quotas and forming a “metals alliance” to protect the two economies from global overcapacity, Mr. Sefcovic said.

The steel industry is seen as crucial to Europe’s decarbonisation drive, particularly for the production of renewable energy equipment and electric vehicles. The president of the European Steel Association (Eurofer), Henrik Adam, warned that the EU needed to take urgent action to avoid the risk of the steel industry and related value chains falling into stagnation.

Before the plan was officially announced, a Belgian union welcomed the move as “ambitious and necessary,” while shares in ArcelorMittal, the world’s second-largest steelmaker, rose 9% over the past week.

The steel industry currently employs around 300,000 people in Europe, but has lost nearly 100,000 jobs in the past 15 years.

According to Eurofer, the current crisis is threatening millions of other direct and indirect jobs in the region./.

Source: https://baolangson.vn/lien-minh-chau-au-de-xuat-tang-gap-doi-thue-thep-nhap-khau-5061149.html