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The European Union Carries Out Protective Tariffs On Steel

The daily news network of Germany reported in July 19th. As the United States levied import tariffs on steel and aluminum products from the EU, China and other countries, the EU also imposed special tariffs on steel for self-protection, in order to protect the industry of EU member countries from the "iron and steel surplus".

As the US government decided to impose additional import tariffs of 25% and 10% on steel and aluminum products, the EU feared that other countries would try to sell their steel products in the European market, which could lead to a "iron and steel surplus" in the EU market, so the EU must protect its own market. Cecilia malm Steen, a European Union Trade Commissioner, said the US tariffs on steel products led to the transfer of trade flows, which could cause serious damage to European steelmakers and workers.

The iron and Steel Association believes that there is a reason for worries about "excess iron and steel". Since the beginning of the year, the EU's steel import pressure has increased significantly. It is estimated that 47.80 million tons of steel will enter the European Union by the end of this year, an increase of 18% over the same period last year.

However, EU protective tariffs will come into force only when the quantity of steel imported by enterprises exceeds their current imports. The current import volume refers to the average import volume of the enterprise in the past three years. Protective tariffs are temporary measures with the longest validity period of 200 days.

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