EU to implement final safeguards to curb imports of steel products
2019-02-11 15:49:45 [Print]
The EU upgraded its trade remedies on February 1 and decided to implement final safeguards to curb imports of 26 categories of steel products.
According to the notice issued by the European Commission on February 1, it would impose final safeguards to curb imports of steel products via tariff-rate quota from February 2. The EU will levy 25% of safeguard tariffs if the amount of imported steel products exceeds the quota.
As one of trade remedies of the WTO, safeguard measures have two kinds: provisional safeguard measures and final safeguard measures. These measures are taken to avoid the sharp increase in imports of a certain product which may seriously injure or endanger related industries of importing countries.
The U.S. levied additional tariffs of 25% on imported steel products from March 23, 2018, and the EU initiated a safeguard measure investigation on imported steel products on March 26, 2018. The EU imposed provisional safeguards to restrict imports of 23 categories of steel products from July 19, 2018.
The EU said that the U.S. imposed restrictions on own steel market, so steel products flew into the EU whose imports of steel products moved up notably. The sharp rise in imports of steel products in the EU market seriously endangered the EU's steel producers, so the EU replaced provisional safeguards with final safeguards.
The final safeguards which were imposed from February 2 would be valid for three years during which the review can be conducted pursuant to actual situation.
In addition, the EU also adopted another two measures to deal with the additional tariffs imposed by the U.S. on steel products. The EU levied retaliatory tariffs on imports of commodities of the U.S. and resorted to the WTO to solve the dispute.
According to the notice issued by the European Commission on February 1, it would impose final safeguards to curb imports of steel products via tariff-rate quota from February 2. The EU will levy 25% of safeguard tariffs if the amount of imported steel products exceeds the quota.
As one of trade remedies of the WTO, safeguard measures have two kinds: provisional safeguard measures and final safeguard measures. These measures are taken to avoid the sharp increase in imports of a certain product which may seriously injure or endanger related industries of importing countries.
The U.S. levied additional tariffs of 25% on imported steel products from March 23, 2018, and the EU initiated a safeguard measure investigation on imported steel products on March 26, 2018. The EU imposed provisional safeguards to restrict imports of 23 categories of steel products from July 19, 2018.
The EU said that the U.S. imposed restrictions on own steel market, so steel products flew into the EU whose imports of steel products moved up notably. The sharp rise in imports of steel products in the EU market seriously endangered the EU's steel producers, so the EU replaced provisional safeguards with final safeguards.
The final safeguards which were imposed from February 2 would be valid for three years during which the review can be conducted pursuant to actual situation.
In addition, the EU also adopted another two measures to deal with the additional tariffs imposed by the U.S. on steel products. The EU levied retaliatory tariffs on imports of commodities of the U.S. and resorted to the WTO to solve the dispute.
