EU doubles metal tariffs to 50% to curb surge of low-cost Chinese imports | EUROtoday

EU lawmakers and international locations agreed to double tariffs on overseas metal on Monday, to protect the bloc’s struggling business from a flood of low-cost Chinese exports.

European Union governments and parliament representatives reached a late night deal to hike levies on metal imports to 50 % and slash the amount allowed in earlier than tariffs apply by 47 %.

“The shape and global standing of Europe’s steel sector are fundamental to our strategic autonomy and industrial strength. We therefore cannot afford to turn a blind eye to global overcapacity reaching critical levels,” commented the EU’s commerce chief, Maros Sefcovic.

“Today’s outcome helps bring much-needed stability for our producers to thrive in Europe”.

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Under the deal, which follows a proposal put ahead by the European Commission final 12 months, import tariff-free quotas will likely be decreased to 18.3 million tons a 12 months — the entire quantity of metal the EU imported in 2013.

That 12 months was chosen as a result of the EU considers the market grew to become unbalanced from that time on due to extra manufacturing — primarily resulting from China, which massively subsidises native steelmakers and now produces greater than half the world’s metal.

The new measures will apply to imported merchandise from all international locations, aside from European Economic Area members Iceland, Liechtenstein and Norway.

They will substitute the present safeguard scheme, which imposes 25-percent duties past set import quotas however ends on the finish of June.

The deal is provisional and must be formally endorsed by the European Council representing member states and the parliament earlier than it’s formally adopted.

(FRANCE 24 with AFP)