On this Wednesday, October 1, it is reportedly that the European Commission plans to drastically reduce the steel import quotas by up to 50% and also increase tariffs of up to 50% against imports that exceed the new quotas.

The proposal is part of a new package of safeguards for the steel industry, which could be presented next week.

Last month, European Commission President Ursula von der Leyen announced that the EU would present a new framework to protect domestic steelmakers from foreign competition, aligning with the US' policy.