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Written: 2025-03-20 09:05:25Updated: 2025-03-20 09:10:48
Photo : YONHAP News
The European Union(EU) has announced plans to tighten import quotas for steel products, with the objective of a 15 percent reduction, in an attempt to protect the European market from inflows of cheap imports after the U.S. imposed new tariffs. Stéphane Séjourné, executive vice president of the European Commission, the EU’s executive arm, revealed the plan Wednesday in a press conference. Announcing an action plan for the steel and metal industries in Belgium, Séjourné said the EU will reinforce its so-called steel safeguard starting in April, with the aim of reducing imports by up to 15 percent. Volumes imported within the quotas are not subject to tariffs, but any steel imports outside them will be hit by a 25 percent tariff.
The plan is considered the EU’s response to U.S. President Donald Trump’s 25 percent tariffs on steel and aluminum imports, but is likely to also affect South Korea, one of the major exporters of steel to Europe.