The EU has allocated new steel import quotas to its trading partners, increasing tariff-free limits to 18.3 million tonnes and doubling tariffs beyond that, aiming to protect its market from growing global overcapacity, particularly from China, while addressing concerns from allies like the UK, Switzerland, and Ukraine.
South Korea and the EU have reached a broad consensus on the EU's new steel import quota system, which initially threatened a 46% reduction for Korean steelmakers. Minister Kim Jung-kwan stated the volume would not be reduced as drastically and warned of retaliatory measures if the EU violates the free trade agreement.
China has warned Australia that beef imports exceeding new quotas will face a 55% tariff. Australia has reached 90% of its 205,000-tonne annual quota just six months into the year, prompting concerns about trade impacts despite diversification efforts by the Australian beef industry.
