In March 2018, the US imposed tariffs on steel imports to the US of 25%. These measures applied to the EU as of June 2018. The EU reacted by imposing retaliatory tariffs on EU-bound EU products in late June 2018. In order to ward off the destabilising effects of deflected steels, a provisional EU safeguard on steel imports followed on 18 July 2018. The EU decided to implement a final safeguard measure in February 2019, which will last for four years, with annual reviews.
Essentially, the safeguard is a Tariff Rate Quota (TRQ) of 100% based on the import levels in 2015-2017, with a dissuasive 25% tariff above that. There are further specific rules regarding quarterly quotas for certain products and countries, with limited exceptions. These change periodically as the safeguard is reviewed.
The European Steel Association (EUROFER) welcomes the EU’s decision to request the WTO establish a panel on Indonesian raw materials export distortions.
EUROFER is supporting this conference, which is being hosted by media partner EURACTIV.
Brussels, 28 October 2020 – The EU, along with 29 members of the Global Forum on Steel Excess Capacity (GFSEC), has called upon G20 leaders to address the massive global excess capacity in steel production. This Ministerial Statement comes ahead of the G20 leaders’ Virtual Summit in Riyadh on 21-22 November. EUROFER welcomes the leadership of the EU and the European Commission.