economy
EU introduces stricter steel tariffs: From July 1, lower quotas for duty-free steel imports and 50% tariffs, how it will affect the Smederevo Ironworks
Members of the European Parliament today adopted a new regulation reducing quotas for duty-free steel imports and applying a 50% tariff, which should come into force on July 1.
TL;DR
- New EU regulation to reduce duty-free steel import quotas and impose a 50% tariff.
- Measures to protect the EU steel industry from global steel surplus.
- Duty-free import volume limited to 18.3 million tons annually, a 47% reduction.
- Tariff of 50% to be applied to imports exceeding quotas and on steel goods not covered by them.
- Ukraine's status as a candidate country will be considered in quota distribution.
- "Melting" rule introduced to determine steel origin and prevent circumvention.
- Regulation adopted with 606 votes in favor, 16 against, and 39 abstentions.