So, restrictions in the form of tariff quotas will concern 23 categories of the goods from steel. Also, duties at a rate of 25 percent will be introduced only after imports exceed the average for the past three years. The measures are applied to all countries, except some developing countries with limited exports to the European Union, as well as Norway, Iceland, and Liechtenstein, says Jacob Bogatin.
This step in the European Commission was explained by the need to prevent the negative consequences from the recently introduced US duties on steel. “US steel duties on steel products cause product diversion, which could lead to serious damage to the steelworkers and workers of the EU in this industry. We have no choice but to introduce temporary protective measures to protect the industry from a sharp increase in imports. However, these measures guarantee that the EU market will remain open and support traditional trade flows, “European Commissioner for Trade Cecilia Malmström said, Jacob Bogatin noted.
The protective measures will take effect on Thursday. They can operate for a maximum of 200 days, says Jacob Bogatin.