The EU moves to introduce steel import quotas

23july 2018

The European Union imposed international tariff import quotas on Thursday.

The EU Trade Commissioner Cecilia Malstrom said there was no other choice, as EU manufacturers are already suffering from global overcapacity.

The intention is to protect the EU from volumes of international steel volumes diverted from the US market to Europe.

Brussels will impose a 25% tariff when imports across 23 steel categories exceed the set quota. The set quota will be the average of imports over the last three years Tariff rate quotas).

The producers that are likely to suffer are China, India, Russia, South Korea, Turkey and Ukraine.

This measure comes in addition to retaliatory measures targeting specifically US products such as denim jeans, soya beans, and bourbon.

Source: NEW EUROPE