7/18/2018, 11:23 AM (Source: TeleTrader)
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EU announces provisional 25% tariff on steel imports

The European Commission announced on Wednesday it will impose a provisional 25% tariff on steel imports as a result of the United States duties on the metal.

"The US tariffs on steel products are causing trade diversion, which may result in serious harm to EU steelmakers and workers in this industry. We are left with no other choice than to introduce provisional safeguard measures to protect our domestic industry against a surge of imports. These measures nevertheless ensure that the EU market remains open, and will maintain traditional trade flows," Trade Commissioner Cecilia Malmstrom noted. She added that the EU will continue to monitor steel imports and the final decision on the issue will be made in early 2019.

The EU noted that the tariff against all countries, except a number of developing nations, will come into effect on July 19 and will only be imposed after steel imports exceed the average of imports over the last three years. "The quota is allocated on a first come first serve basis, thus at this stage not allocated by individual exporting country," the Commission stressed.

Breaking the News / NP