EU to Impose Steel Tariffs to Avert Glut
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The European Union will slap tariffs as high as 26% on some steel imports after President Bush imposed duties on steel sales to the U.S.
Seeking to protect steelmakers such as Arcelor, the world’s largest, the EU will impose the taxes on 15 products, from sheets for car doors to wires used in construction. The taxes will apply once imports surpass last year’s level, which totaled 27 million metric tons.
The step will hurt steelmakers in Asia and Latin America, broadening a trade dispute that began when Bush announced tariffs as high as 30% after companies such as Bethlehem Steel Corp. sought bankruptcy protection.
The European tariffs, ranging from 14.9% to 26%, will begin April 3 for an initial period of as long as 200 days.
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