The European Commission has extended the steel safeguard measures on 26 items of steel products until June 30, 2024. The measures were originally introduced in 2019 in response to Section 232 of the US, which imposed tariffs on steel imports from the EU.
The commission said that the extension of the measures was necessary to protect the EU steel industry from a surge in imports. The commission’s analysis found that if the measures were terminated, imports of steel products would increase by an estimated 25%. This would likely lead to job losses and damage the local economic recovery.
The existing quota of global and country for 26 steel product categories will remain unchanged. This means that the total amount of steel that can be imported from each country will remain the same. Any quantity exceeding their respective quotas will be imposed with 25% tariffs.
The annual quota liberalization rate will remain at 4%. This means that the quotas will be increased by 4% each year. This will allow for a gradual increase in imports, while still protecting the EU steel industry.
The latest quota will start on July 1, 2023. This means that the new quotas will be in place for the rest of 2023 and all of 2024.
The extension of the steel safeguard measures is a positive development for the EU steel industry. The measures will help to protect the industry from a surge in imports and support the local economic recovery.