EU Parliament Backs 47 Percent Cut to Steel Import Quotas
The European Parliament approved a 47 percent reduction in duty-free steel imports and doubled tariffs to 50 percent for excess volumes. These measures take effect July 1 and are designed to increase the bloc's steel capacity utilization to 80 percent.
The European Union will cut duty-free steel imports by 47% to 18.3 million metric tons annually starting July 1. European Parliament lawmakers approved the measure in a 606-to-16 vote, with 39 abstentions, to raise domestic capacity utilization to 80%. The measures tighten trade barriers for global exporters to protect the European industrial base.
### Higher Tariffs and Origin Tracking The new trade regime doubles the tariff rate for steel volumes exceeding the duty-free quota. Shipments above the 18.3-million-ton limit will face 50% duties, rising from the current 25% level. This structure aims to curb the flow of low-cost steel that lawmakers say stems from global overproduction.
