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A feature of the Trump era is that while foreign governments object to the American President’s protectionism, in practice they often jump at the opportunity to join him in imposing tariffs. Witness the new levies the European Union proposed on imported steel last week.
Brussels plans to cut in half the volume of steel allowed to enter the EU tariff-free each year, to 18.3 million tons. For imports above that level, the tariff rate will rise to 50% from 25%. This is a gift to struggling European steel makers that have long begged for protection.
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