An employee prepares to take a sample from the electric arc furnace at Liberty Steel's Aldewerke mill in Rotherham, U.K. (Photographer: Chris Ratcliffe/Bloomberg) Show Quick Read Summary is AI Generated. Newsroom Reviewed

The European Union plans to hike tariffs on its steel imports to 50%, according to a draft proposal seen by Bloomberg. The move will align the bloc’s rate with the US, which has sought to push back against overcapacity from China.

The EU currently has a temporary mechanism in place to safeguard its steel industry, which imposes a 25% duty on most imports once quotas are exhausted. That mechanism expires next year and the EU has been working to replace it with a more permanent instrument, which it plans to unveil next week.

The European Commission, which handles tr

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