Europe Sharply Limits Steel Imports to Shield Local Industry

The European Union voted May 19 to restrict imported steel. Starting July 1, fewer foreign steel shipments will enter tariff-free, and those exceeding limits face a 50% tax—double the current rate. EU leaders say they're protecting local steelmakers from cheap Chinese competition and global oversupply. The cuts will substantially reduce overall imports. Fourteen member states supported extending protections first put in place in 2018.