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Tata, EU steel firms brace for tariff war
News:
- US will extend imposition of 25% tariff on steel and 10% tariff on aluminum imports from the European Union, Canada and Mexico.
Important facts:
- This trade action brings an end to potential exemptions and raises the risk of trade war.
- Due to tariff U.S steel and aluminium industries aimed to increase their capacity by 80%.
- US has also threatened to impose car tariff on car imports and will take actions against Beijing for stealing its technology by imposing tariffs.
- EU’s steel producers will be particularly injured by the tariff.
- The tariffs are criticized as unjustified and against the rules of World Trade Organisation.
- EU would announce imposition of additional duties on a number of imports from US.
- The Tariff war will distort steel market.
