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US and EU expected new tax on Chinese steel

The USA and the European Union (EU) are considering imposing new customs taxes on steel and aluminum imported from China as part of combating carbon emissions.

US and EU expected new tax on Chinese steel

China, which produces more than half of the world's steel production, is accused by the EU and the USA of posing a threat to the national steel industry by creating excess capacity.

According to the news based on close sources, the proposal by the administration of US President Joe Biden to impose tariffs on steel and aluminum imported from China was on the agenda.

Accordingly, the USA and the European Union (EU) are considering imposing new customs taxes on steel and aluminum imported from China as part of combating carbon emissions.

The report stated that the evaluations are still in the early stages and have not been offered officially.

TOWARDS THE END OF NEXT YEAR EARLIEST

It was also stated in the news that the USA could reach an agreement with the EU on customs duty towards the end of next year at the earliest.

The Chinese Ministry of Commerce, representatives of the Chinese iron and steel industry could not be reached.

CHINA PRODUCES 60% OF THE WORLD'S STEEL

According to consulting firm Wood Mackenzie, iron and steel production worldwide emits a total of 3.4 billion tons of carbon per year, 7 percent of global emissions. China produces more than 60 percent of the world's steel and 57 percent of aluminum.

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