Global News Of Note: EU Officials Plan To Double Tariffs On Steel Imports

What happens abroad impacts MSCI members in North America. Here is the latest economic, trade, and other policy news of note for the last week:

• On Oct. 6, European Union (EU) officials announced a plan to double its tariffs on steel imports to 50 percent. That number mirrors tariffs U.S. officials have imposed on steel imports into its borders. The EU officials also plan to slash tariff-free quotas by 47 percent to 18.3 million metric tons. “A strong, decarbonized steel sector is vital for the European Union’s competitiveness, economic security and strategic autonomy,” said European Commission President Ursula von der Leyen. “Global overcapacity is damaging our industry. We need to act now.” Before it can be implemented, the proposal will be subject to the ordinary legislative procedure in which the European Parliament and the Council must agree on the final regulation. Read more about the plan at this link.
• Last week, the Chinese government announced broad new export controls on rare-earth magnets and the raw materials that go into them. Specifically, importers will now need a government license to access certain rare-earth magnets, along with the refined metals and alloys that are part of their makeup. The government said the policy is needed to protect China’s national security. As Politico reported, the announcement drew “immediate criticism” from U.S. and European Union officials.