U.S. Steel Tariffs Force EU to Shut Its Own Market

EU steel exports to the U.S. fell 34% after Washington raised tariffs to 50%, diverting shipments toward Europe. On July 1, the EU responded by cutting its duty-free import quota 47% to 18.3 million tonnes annually and imposing 50% tariffs on excess volumes. The move aims to prevent import surge as U.S. protectionism narrows that market, protecting domestic mills running below 80% capacity utilization.