German Chancellor Friedrich Merz declared his government’s strong support for an EU plan to raise tariffs on foreign steel, specifically targeting cheap imports, mainly from China. Merz called the proposed measures a step in the right direction.

The EU is considering a hike in import levies to 50% and a sharp cut in duty-free import volume. Merz is committed to championing these new regulations in Brussels.

Domestic German producers, Europe's largest, are facing an existential crisis due to heavily subsidized Chinese steel flooding the market and persistently high energy costs. The policy change is expected to create effective protection for the struggling steel sector.

Source: yieh.com