Late on Monday evening, governments and representatives of the European Parliament reached a deal to raise import tariffs on steel to 50% and to cut by 47% the volume exempt from surcharges. “The structure and global position of the European steel sector are fundamental to our strategic autonomy and industrial strength,” said EU Trade Commissioner Maros Sefcovic. “We cannot turn a blind eye to global overcapacity, which has reached critical levels. Today’s agreement helps provide the stability our producers need to thrive in Europe.” Under the new measures, duty-free import quotas will shrink to 18.3 million tonnes ... (full story)