The U.S. and the European Union are weighing new tariffs on Chinese steel and aluminum as part of a bid to fight carbon emissions, Bloomberg News reported on Monday, citing people familiar with the matter.
China, which produces more than half of the world's steel, is accused by the EU and United States of creating over-capacity that is threatening the survival of their own steel industries.
The office of the United States Trade Representative and a spokesperson for the European Council for trade and development did not immediately respond to Reuters requests for comment. However, EU officials had then raised the issue of legality and compatibility with World Trade Organization rules, as well as with the bloc's internal carbon pricing mechanism, the report said.
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