Australian steel producers to be hit as European Union plans 50 per cent tariff hike

News Snapshot:

The European Union has announced that it plans to double tariffs and halve the amount of foreign steel it imports saying European “sovereignty is at stake.” The EU said that it is planning a supersized 50 per cent tariff to be imposed from next year. That is twice the tariff being imposed by US President Donald Trump. The measure will come as a double blow to Australian steel producers who export to both markets. Australian steel exports to the European Union were valued at €142 million ($AU251 million) in 2024, according to official statistics compiled by the EU. The EU...