The European Union proposed Tuesday cutting free-trade quotas by 47% on steel and steel products, effectively adding large tariffs on imports from countries like China, India, Turkey, and the United Kingdom, which said the measures would wreck the British steel industry. After importing 18.3 million tons, the new quota, additional imports will face up to 50% in new tariffs, a high price akin to U.S. President Donald Trump's steel measures. Neighboring nations like Norway, Iceland and Ukraine will be exempt.
A proposal to thwart overcapacity
