EU proposes halving steel import quota and doubling out-of-quota tariffs to 50%

The European Commission's recent proposal to cut steel import quotas by 47% and double out-of-quota tariffs to 50% is a significant move aimed at protecting the continent's steel industry from global oversupply and the impact of U.S. trade policies. This decision reflects a proactive approach to safeguard local jobs and production, especially as the U.S. continues to adopt protectionist measures. As President Trump engages with Canada's Prime Minister Mark Carney to negotiate a trade deal, the EU's actions highlight the ongoing global trade tensions and the need for strategic responses.