EU Considers Protecting Its Steel Industry From Surge of Imports
The European Commission will open a safeguard investigation on 26 steel products, officials announced March 26, as some steel imports have been increasing over the last two years. "This trend may be even stronger now that the access to the…
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US market has been limited and steel products from other parts of the world previously destined to the US may be redirected to Europe, disturbing the market and skewing prices." If the investigation's results support it, the EU could impose tariffs or quotas to protect its steel producers. The EU aims to complete the investigation within nine months, but left open the possibility of instituting provisional measures while the investigation is underway. The EU had earlier said it might raise tariffs on U.S. goods if the U.S. steel and aluminum tariffs harmed EU producers (see 1803160026). The U.S. tariffs do not apply to the EU, but that exemption is temporary, and dependent on U.S. views on EU cooperation on trade.