EU to Propose Doubling Tariff Rate on Steel Imports to 50%

The European Union plans to hike tariffs on steel imports to 50% and cut by nearly a half the volume of steel that’s allowed in before that higher rate is imposed, according to a draft proposal seen by Bloomberg.

The EU currently has a temporary mechanism in place to safeguard its steel industry, which imposes a 25% duty on most imports once quotas are exhausted. That mechanism expires in June and the EU has been working to replace it with a more permanent regulation, which it plans to unveil next week.