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- European Union to extend steel safeguards for three more years
European Union to extend steel safeguards for three more years
Reuters reports that the EU is set to continue a system of quotas and tariffs that have been in place since 2018 for a further three years to protect EU steelmakers from a potential surge of imports.
Washington's retention of 25% steel tariffs has closed the U.S. market to many exporters, prompting the EU to put in place safeguard measures for 26 grades of steel, with imports over the quota thresholds subject to tariffs. The quotas have increased each year.
12 EU countries, including France, Germany and Italy, urged the European Commission in January to extend the safeguard measures beyond their June 30 expiration date.
The Commission has reviewed the measures and proposed a three-year extension, with the quotas rising by 3% at the start, as well as in 2022 and 2023. EU members have since approved it, EU diplomats said.
Since the safeguards will have lasted beyond three years, those subject to the quotas can, under WTO rules, bring counter-measures such as tariffs on EU goods.
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