The European Union takes measures to reduce steel imports to protect its industry
Brussels, March 26 / WAM / The European Commission in Brussels announced that new measures to reduce the imports of customs duties to the European Union to protect the European industry from Chinese imports and the impact of American import definitions.
The new procedures include reducing the annual increase in volumes exempt from customs duties under steel protection measures from 1% to 0.1%, in addition to preventing the transfer of unused shares for imported steel products to subsequent periods.
These decisions came after a market study conducted by the Commission at the request of 13 member states, which showed that the European industry suffers from high imports and low demand.
The Commission emphasized that the procedures will provide space for breathing for European steel producers to increase their production and restore their lost market share, in addition to enhancing employment and investments in green steel production.
These measures are scheduled to enter into force in July, which is part of a broader action plan that was unveiled last week to protect European steel manufacturers.
Commission Vice President Stephen Segorney announced that the Commission was planning to reduce total imports by another 15% starting in April.
The Commission introduced for the first time preventive measures in 2019 in response to the 25% import tariff imposed by US President Donald Trump during his first term.
The same scenario was repeated with Trump’s re -enforcement of the customs tariff by 25% in March.
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