EU proposes halving steel import quota and doubling out-of-quota tariffs to 50%

The European Commission has moved to cut free-trade quotas by 47% for steel and steel products and to double out-of-tariff import duty to 50%, taking a leaf out of Donald Trump's protectionist playbook. It's a way to protect the continent's struggling industry in the face of Trump's disruptive trade policy and a global oversupply of the metal. Meanwhile, Donald Trump hosted Canada's Prime Minsiter Stephen Carney as the two sides hope to work out a trade deal.