EU Commission Presents Plans for Expansion of Steel Tariffs - EU to Make Steel Tariffs and Quotas Permanent Amid Industry Challenges
The European Union is set to address steel industry challenges. It plans to make new tariffs and quotas permanent, following negotiations between the European Parliament and EU member states. European steel producers currently grapple with high energy prices and US tariffs, along with the persistent issue of global overcapacity. The EU Commission aims to address these issues by proposing permanent news measures. The EU accuses China of providing its steel industry with an unfair advantage through state aid, contributing to the worldwide glut of news. Negotiations on these permanent quotas and news are expected to commence in Strasbourg, following the European Parliament's vote at the end of September. A new, long-term trade instrument is proposed to succeed the expiring steel safeguards, but the specific date for these discussions remains unconfirmed. The EU's plans to make new steel tariffs and quotas permanent are poised to reshape the news industry. Negotiations between the European Parliament and EU member states will determine the future of these measures, with the aim of addressing high energy prices, US tariffs, and global overcapacity.
