EU intends to extend steel safeguard

The European Commission has notified the World Trade Organization of its intent to extend steel safeguards imposed last summer through July 16, 2021.

EU intends to extend steel safeguard

The European Commission has notified the World Trade Organization of its intent to extend steel safeguards imposed last summer through July 16, 2021.

EU intends to extend steel safeguard

The European Commission has notified the World Trade Organization of its intent to extend steel safeguards imposed last summer through July 16, 2021.

 
The EU intends to impose definitive safeguard measures on steel imports to replace provisional measures put in place in July, as imports of the metal into the bloc continue to spike after the U.S. launched global Section 232 tariffs in March, the EU said in an announcement Friday.
    Set to remain in place through July 16, 2021, the measures will consist of a tariff-rate quota by which steel imports will see a 25 percent duty when the level of traditional trade flows is reached, the EU said. However, the measures can be “reviewed in case of changed circumstances,” the EU said.
    The definitive measures would replace provisional measures that have a maximum period of 200 days and could enter into force in the beginning of February, if EU member countries approve of the measures during a scheduled mid-January vote, the announcement says.
    The European Commission on Friday notified the World Trade Organization (WTO) of the findings of its safeguard investigation on certain steel products, which started in March, the announcement says.
    The investigation showed that EU imports of steel products significantly increased in recent years and that imports will likely further rise.
   “This situation was aggravated by the trade diversion resulting from the U.S. restrictive measures on steel taken under Section 232,” the announcement says. “The EU steel industry has not yet fully recovered from the global steel crisis. It is still exposed to further increases of imports and ensuing downward pressure on prices.”
    The measures will apply to imports from all countries, including 26 product categories, and will ensure that diversion of steel exports from the U.S. to EU market will be avoided, the EU said.
    “The commission intends to make its final decision after consultation with member states and before the provisional measures lapse” on Feb. 4, the announcement says.
We face challenges, most seriously the workforce crisis. We have more than half a million jobs to fill right now.
Spot container rates from Shanghai to Rotterdam were $1,839 per FEU as of Jan. 17, down 6 percent from a week prior but 7 percent higher year-over-year, according to Drewry’s World Container Index.
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