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2/1, 10:19 AM (Source: TeleTrader)
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EU makes safeguards for steel permanent

The European Commission said on Friday that the provisionary regulations introduced as a response to tariffs on imported steel products in the United States would become permanent tomorrow. The definitive safeguards are introduced after temporary curbs lasted since July 19.

The European Union's executive body said protectionist barriers in the US are "seriously threatening" domestic producers, "who are still in a fragile position due to persistent overcapacity in the global steel market and an unparalleled number of unfair trade practices by certain trading partners." Commissioners claimed the move is compliant with the rules of the World Trade Organization.

Above the quotas on incoming 26 categories of items, the 28-member bloc charges a duty of 25%. The limits "will be increased progressively" and the system was tweaked to benefit main suppliers based on historical volumes, according to the announcement. The tariffs were rolled out for three years.

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