The European Commission proposed cutting tariff-free steel import quotas by nearly half and implementing a 50% duty for excess shipments to bolster EU steelmaking viability. Due to increased imports and U.S. tariffs, EU steel producers are only operating at 67% capacity, with safeguards in place until mid-2026. EU plans to limit imports to 15% market share, potentially saving hundreds of thousands of jobs, with negotiations with WTO partners ongoing. Britain seeks clarification on impact as top steel exporters to EU in 2024 included Turkey, India, South Korea, Vietnam, China, Taiwan, and Ukraine. The new measures could lead to a deal with the U.S. to replace 50% tariffs with a quota system, while the EU aims to collaborate with like-minded partners to address overcapacity issues.

Read more at Yahoo Finance: EU to halve steel import quotas to preserve domestic industry