EU Unveils Steel Industry Safeguards, Cuts Tariff-Free Imports
The EU Commission has unveiled measures to safeguard its steel industry, grappling with immense global overcapacity. It's ready to engage with trading partners under the Article XXVIII GATT procedure regarding EU's WTO tariffs.
The EU steel industry, the world's third largest producer employing around 300,000 people directly and supporting 2.5 million jobs indirectly, faces significant pressure. Global overcapacity stands at more than five times the EU's annual consumption.
To tackle this, the EU Commission proposed reducing tariff-free import volumes of steel by nearly half, to 18.3 million tons a year. It also plans to introduce a Melt and Pour requirement for enhanced traceability. Additionally, it aims to double out-of-quota tariffs on steel to 50%.
Exports from Norway, Iceland, and Liechtenstein will not be subject to tariff quotas or duties under the EEA Agreement. The EU Commission is committed to fair, rules-based competition, as stated by EU Trade Commissioner Maros Sefcovic.
The EU Commission's proposals seek to protect the EU steel sector from the unfair impacts of global overcapacity. It's prepared to engage with affected trading partners under the Article XXVIII GATT procedure. The exact timeline for negotiations, however, remains uncertain.
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