European Commission Plans To Extend Steel Tariffs
After President Donald Trump moved forward with his Section 232 metals tariffs last year, in July 2018 the European Union retaliated with 25 percent tariffs on imports of 23 categories of steel products.
On Friday, Jan. 4, the European Commission announced that it would like to extend those penalties for another three years, until July 16, 2021. According to one news outlet, steel imports below 105 percent of volumes recorded during the 2015-2017 period will be exempt from tariffs, but steel imports exceeding 105 percent will be subject to the 25 percent duty. In a report, the commission argued the United States’ Section 232 penalties had caused manufacturers around the globe to divert supply to the European Union.
The penalties, if approved by member countries of the European Union, would affect more than 20 types of steel ranging, including stainless hot-rolled and cold-rolled sheets and rebars.
Click here to read the commission’s announcement.