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. This decision reflects a response to the challenges posed by global oversupply and the protectionist policies initiated by Donald Trump. As the EU seeks to bolster its struggling sector, this policy could help stabilize the market and ensure fair competition. Meanwhile, Trump's meeting with Canada's Prime Minister Stephen Carney indicates ongoing efforts to negotiate trade agreements, highlighting the dynamic nature of international trade relations.

The European Union is taking a significant step by proposing to double tariffs on steel imports to 50% in response to the impact of President Trump's tariffs. This move aims to protect local industries from the influx of cheaper Chinese steel, which could disrupt the market. By lowering the quota for tariff-free imports, the EU is trying to bolster its steel sector, but this could lead to increased prices for consumers and tensions in international trade relations.