The EU has agreed to double tariffs on foreign steel to 50% to protect its domestic industry. This move is designed to counteract the flooding of the European market by cheap Chinese imports.

EU lawmakers and member states agreed on Monday to double tariffs on foreign steel to 50%, aiming to shield the bloc’s struggling industry from a surge in cheap Chinese imports. The deal also cuts duty-free import volumes by 47%. Trade chief Maros Sefcovic warned global overcapacity threatens Europe’s industrial strength.