The European Union proposes to double the steel import tariff rate to 50%.

BlockBeats News, October 2, according to Reuters, the European Commission will propose to cut steel import quotas by nearly half and significantly increase tariffs on steel imports exceeding the quota from 25% to 50%, aligning with the tariff levels of the United States and Canada. These measures are part of the European Commission's new plan for the steel industry, which is scheduled to be announced on October 7.

The EU currently has a temporary mechanism to protect its steel industry, under which a 25% tariff is imposed on most imported steel once the quota is exhausted. This mechanism is set to expire next year, and the EU has been working to replace it with a more permanent tool. (Golden Ten Data)