EU to Ramp Up Tariffs on Steel Imports, Mirroring US Duties (2)

The European Union is planning to boost tariffs on steel imports in an effort to help local producers cope with the impact of Asian overcapacity as well as new trade barriers imposed by the US.

The European Commission, the EU’s executive arm, will propose early next week a long-term mechanism that will also reduce the bloc’s existing quotas for foreign steel by almost a half, the EU’s industry chief, Stephane Sejourne, told a closed door event on Wednesday, according to a person familiar with his speech.

Steel imports beyond those quotas will be subject to the new tariff rate, ...