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EU enforces strict steel import tariffs
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The European Union member states have approved new, stricter tariff rules on steel imports, aimed at protecting the domestic steel industry from global excess and cheap imports, especially from China, India, and Turkey. The rules will come into effect on July 1, reducing the quota of duty-free imports to 18 million tons annually, with a punitive 50% tariff on quantities exceeding that, in an effort to limit surplus and restore market balance. Europe is the second-largest steel producer in the world and faces challenges due to high surplus and production costs amid increasing global production capacities.
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