The European Union (EU) is preparing to propose 50% tariffs on global steel imports, the British newspaper Financial Times (FT) reported, citing sources in Brussels.
„There is no other way to ensure long-term protection for the steel industry. Otherwise we will lose this industry“, an unnamed EU official told the publication.
Gareth Stace, chief executive of UK Steel, an association that advocates for British steel companies, said that the potential EU measures would have a significant impact on the UK economy, given that 80% of the UK's steel exports go to EU countries. In this regard, he called on London to obtain concessions from Brussels, otherwise British manufacturers “will face a catastrophe“.