Posted on 26 Sep 2019
European countries are seeking to tighten restrictions on imported steel.
In 2018, the European Union implemented “safeguard” measures in response to concerns that the steel tariffs implemented by the United States would lead steel-producing countries to dramatically increase their shipments to Europe. Those measures imposed 25 percent levies on imports beyond the 2015-2017 annual average plus 5 percent a year. The European Commission has proposed that the yearly increase be reduced to 3 percent.
“This lowered liberalisation pace is also in line with the most-recently published general economy and industrial outlooks, which foresee a growth reduction for the Union and the world economy,” the European Union wrote in a notification letter to the World Trade Organization.
A majority of European Union countries have already voted in favor of the changes.
The revised measures are expected to go into effect in October and remain in place until June 30, 2021.
Courtesy: AIIS
