The European Union is set to increase tariffs on foreign steel, primarily targeting Chinese imports, to protect its domestic industry. This move comes amid significant job losses in the European steel sector over the past 15 years. The European Commission’s industry chief, Jose Manuel Guadiana, announced the plan during a press conference, stating that the tariffs would be doubled to create a more level playing field for European manufacturers.
According to recent data, nearly 100,000 jobs have been lost in the European steel sector since 2008, with many workers displaced due to the influx of cheap Chinese steel. The decision is part of a broader strategy to revitalize the industry and ensure long-term competitiveness. Industry leaders have welcomed the announcement, arguing that the increased tariffs will not only protect existing jobs but also encourage investment in innovation and modernization within the sector.
However, trade experts warn that the move could lead to retaliatory actions from China, potentially disrupting global supply chains and affecting industries beyond steel. The European Commission has also pledged to explore alternative measures, such as subsidies for domestic steel producers, to complement the tariff increase. As negotiations continue, the EU faces the challenge of balancing protectionist policies with the need to maintain international trade relations.