The European Union (EU) plans to reduce its steel imports by up to 15% to protect its domestic steel industry from third-country steel products avoiding US tariffs. This move will likely impact South Korea, the third-largest steel exporter to the EU. The EU has been implementing ‘safeguards’ since 2018, applying a quota system to 26 types of steel products and imposing a 25% tariff on excess volumes. The EU is also considering expanding these regulations to aluminum products and broadening the scope of the Carbon Border Adjustment Mechanism (CBAM), a ‘carbon tax’.
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Auto-posted at: 2025-03-20 21:05:16