US, Europe consider imposing new tariffs on Chinese steel and aluminum

The US and Europe are considering a tariff on Chinese steel and aluminum in the context of the country’s metal industry facing many difficulties.

Tariffs on aluminum and steel The US and Europe are weighing new tariffs on Chinese steel and aluminum – part of an effort to combat carbon emissions and global glut. The move would mark a new approach as the US and EU will seek to use a tariff – often used in trade disputes to further their climate agenda. Following the news, shares of US aluminum and steel producers entered the upside while on the Hong Kong Stock Exchange, shares of Aluminum Corp and China’s Hongqiao Group slid. The intention of this tax rate is still in the early stages and has not been formally proposed. According to confidential industry sources, an agreement with the EU that includes specifics on how tariff thresholds will be determined will be set at least by the end of next year.

Source: https://cafef.vn/my-chau-au-can-nhac-ap-thue-moi-voi-thep-nhom-cua-trung-quoc-20221207101433519.chn