EU Halves Duty-Free Steel Quota, Offers Better Terms to UK and Partners

Key facts

• The EU has reduced its duty-free steel import quota by 47%.
• The EU has granted higher import levels to 12 trading partners.
• The UK is among the 12 trading partners receiving higher import levels.
• New safeguards are aimed at curbing cheap Chinese steel.
• The EU's trade agreement with the U.S. takes effect on July 1.
• The EU-U.S. trade agreement will eliminate import duties on numerous U.S. goods.
• The deal includes provisions for U.S. agricultural produce.
• The deal includes provisions for U.S. lobster.
• The EU-U.S. trade agreement will last until the end of 2029.

The European Union is implementing significant changes to its trade regulations, including a reduction in steel import quotas and the activation of a trade agreement with the United States. As of July 1, the EU will reduce its duty-free steel import quota by 47%. This measure is part of new safeguards designed to curb the influx of cheap Chinese steel. To mitigate the economic impact of these new safeguards, the EU has granted higher import levels to 12 of its trading partners, with the United Kingdom being one of the beneficiaries.