The EU raised tariffs on steel to 50%

On October 7, local time, the European Commission issued a notice on its official website, announcing unprecedented measures against steel imports:
I. Cap the quota of duty-free imports of foreign steel into the EU at 18.3 million tonnes per year, a 47% reduction compared to the 2024 steel quota, equivalent to
The total amount of steel imported into the EU in 2013.
Ii, a 50% tariff will be imposed on all steel imports in excess of the quota, that is, the tariff will be increased from 25% to 50%.
3. Importers are required to declare where the original steel is "melted and poured" to prevent the evasion of TRQ shifts, thereby enhancing the traceability of steel products.
"This is a very strict provision that has no precedent in Europe," said Stefan Seschona, the EU's industrial affairs commissioner. He said that once the clause
Only about 10% of steel in the EU market will be tariff-free.
Xinhua reported on October 8 that the European Automobile manufacturers Association issued a statement on October 8, saying that the European Commission's cut of steel import quotas will push up related products
Prices, thus fueling inflation.
The European Automobile Manufacturers' association said in a statement that the commission's proposal would do nothing to ease market pressure in Europe and that the new rules of origin would be a step forward
Step to restrict imports, putting a huge burden on European importers of steel products.
"Even if certain industries, such as automobiles, are highly dependent on EU steel supplies, automakers still need to import a certain quantity and quality of steel products," the association said
The Commission needs to make an assessment specific to these industries. In addition, the Commission should recognize that in automobiles this supply chain globalization is higher
The complexity of applying new rules of origin in the industry.
Sigrid Fris, director general of the European Automobile Manufacturers Association, said the commission needed to find a better balance between the needs of European steel producers and those who use steel.