EU plans to impose 50% tariff on imported steel beyond quota

The European Union announced steel import restrictions on October 7. It plans to significantly reduce the steel import quotas that can enjoy tariff exemptions and increase steel tariffs from 25% to 50%.

According to the announcement issued by the European Commission that day, the EU plans to set the annual steel import quota at 18.3 million tons, a 47% decrease from the 2024 steel import quota. For steel imported outside the quota, the EU plans to impose a 50% tariff, doubling the current 25% tariff.

The announcement shows that the EU will also take measures to increase the origin traceability of melted and cast steel products to prevent so-called "circumvention" behaviors.

The announcement stated that the EU's move is intended to deal with the negative impact of global steel overcapacity and ensure the long-term development of the EU steel industry, a strategic industry.

According to EU statistics, the EU currently has about 500 steel production bases spread across more than 20 member states, directly employing about 300,000 people and indirectly supporting about 2.5 million jobs.

In March this year, after the United States imposed a 25% tariff on all imported steel, the European Union issued the "Steel and Metal Industry Action Plan" and decided to further tighten steel import restrictions. In June this year, the United States doubled the tax rate and imposed a 50% tariff on all imported steel.

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