EU to Propose Doubling Tariff Rate on Steel Imports to 50%

The European Union is considering doubling the tariff rate on steel imports to 50%, according to a draft proposal. This decision is aimed at aligning the EU's tariff rate with that of the United States, which has been pushing to address the issue of overcapacity in the global steel market, particularly from China. The proposed increase in tariffs is part of the EU's efforts to protect its domestic steel industry and address the challenges posed by the influx of cheaper steel imports. The move is expected to have a significant impact on the global steel trade, as the EU is one of the world's largest consumers of steel. The draft proposal is currently under consideration, and it remains to be seen whether the EU will implement the proposed tariff hike. The decision is likely to be closely watched by other major steel-producing and consuming countries, as it could have broader implications for international trade and economic relations.