According to an official notice sent to the WTO and published on June 11, the EU will extend the safeguards against steel imports for another three years, keeping the volume of production unchanged and allowing a 3% annual liberalization of tariff quotas. …
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The current guarantee system, which has regulated imports into the EU since 2018 after a sharp rise in imports, was due to expire on June 30 after three years of operation.
The interim safeguards have been in effect since July 2018 following the US decision in March of that year to impose a 25% import duty on steel in accordance with section 232.
European mills have called on the European Commission to extend safeguards, while steel consumers spoke out against tariffs amid high prices and limited supply in the European steel market.
In addition, the UK Trade Funds Authority on June 11 recommended that safeguards continue to apply to imports of 10 categories of steel products, from rail materials to stainless steel bars, based on tariff quotas of three years, and that import restrictions be lifted in the future for nine product categories …
The UK Secretary of State for International Trade must now decide whether to accept or reject the recommendation, which provides for a gradual annual liberalization of quotas used over three years on controlled goods.