EU ready to protect Europe from steel flood
Acting to shield Europe from a flood of cheap steel from countries hit by US tariffs, the EU today decided to impose import tariffs of its own.
Import taxes of up to 26% will apply to most of the same steel products hit last week by the protective US measure, an EU official said.
The tariffs, to be formally approved on Wednesday by the EU’s executive Commission, will apply from April 3 to any imports of those 15 products above current levels of 11 million tons a year, he said.
The EU fears big steel producing countries like China and South Korea - blocked from the US market by tariffs of up to 30% - will try to unload their excess production on Europe, depressing steel prices and putting jobs at risk.
Under international trade rules, the EU can impose temporary limits on imports if it can show a flood of steel imports is hurting or threatens to hurt its industry.
EU Trade Commissioner Pascal Lamy has predicted that up to 16 million tons of diverted steel could pour into Europe. The 15 nation EU imports roughly 25 million tons annually.
