EU’s 50% Steel Tariff Shocker Spurs “Existential” UK Crisis Amid Market Rally
The European Commission plans to double steel import tariffs to 50% and halve tariff-free quotas, citing a need to block cheap Chinese steel. UK industry leaders warn the move threatens thousands of British steel jobs, with 78–80% of UK steel exports going to the EU. European steel stocks surged up to 5% after the announcement. UK Prime Minister Keir Starmer said urgent talks with Brussels are underway to seek exemptions.