LONDON — Following the implementation of duties by former U.S. President Donald Trump, European nations are also preparing to increase tariffs on steel and iron products. There are indications that the steel import duty could be raised to 50 percent. The European Commission is expected to make a decision on this matter next week.
The discussion among European Union countries to increase import duties was initiated due to the massive volume of steel and other products being imported from Asian nations. European Union Industry Chief Stephen Sejourne stated that the primary objective of this move is to protect domestic steel producers.
The key aim is to curb imports originating from Asian countries. The proposal under consideration by European nations involves implementing a higher tariff for imports that exceed a predefined quota, should the tariff increase come into effect.
