Steel tariffs are taxes imposed by a government on imported steel products. These tariffs are designed to increase the price of foreign steel, making domestic steel more competitive in the market. The primary purpose of steel tariffs is to protect local steel manufacturers from foreign competition, particularly in situations where steel is considered to be sold at unfairly low prices (dumping) or when foreign producers receive significant subsidies. By raising the cost of imports, steel tariffs aim to support domestic production, preserve jobs in the steel industry, and promote national economic interests. However, they can also lead to increased prices for consumers and industries that rely on steel as a raw material, creating a complex balance of economic impacts.
France and Portugal are proposing reciprocal tariffs on steel and aluminum in response to U.S. duties. This strategy is announced as part of a broader European effort to protect industries…