The European Union(EU) has announced plans to sharply raise import barriers on foreign steel, mirroring the United States’ recent tariff hikes.

Under the new proposal, tariffs on imported steel will climb to 50 percent, while duty-free quotas will be limited to 18-point-three million tons per year based on 2013 import levels, before the global steel oversupply began.

The move is expected to deal a direct blow to South Korean exporters, for whom the EU is the largest overseas market for steel products.

European Commission Vice President Maroš Šefčovič said national import quotas would vary “depending on the outcome of bilateral negotiations.”

The regulation must still pass the European Parliament and the Council of the EU before taking effect, though officials said implementation could be swift.

Once adopted, the measure will replace existing safeguard mechanisms aimed at protecting Europe’s steel industry from foreign competition.