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The EU imposed provisional restrictions on the import of steel products

The EU imposed provisional restrictions on the import of steel products

Earlier it was reported that the European Union is considering restrictions on the import of steel. It was proposed to impose duties on delivery, in order to avoid oversupply in the market. Question long considered by the European Commission. However, the decision was made. So E. S. imposes prior restraints on steel imports. Specifically they relate to the 23 categories of steel products. In effect the restrictive measures already July 19. Their effect is to last for 200 days.

The size of the quota is the average volume of foreign purchases. We are talking about the volume in the last three years. Deliveries in excess of the limit will be taxed at 25%. Restrictions apply to all countries. However, the exceptions are Norway, Iceland and Liechtenstein. The EU together with them is trade area European Economic Area. In addition, the Commission follows the principles of the WTO. Based on these quotas do not relate to some other countries. Those whose deliveries take up to 3% of the European imports.

Now there will be some anti-dumping and countervailing tariffs. They relate to such countries as China, Ukraine, Russia, etc. the Commission will consider the question of their suspension. This is necessary in order to avoid double taxation. Most likely, these countries will operate the new restrictions. The introduction of quotas was the result of the March investigation. It concerned the import of steel products. Then I learned about American tariffs on aluminium and steel. Roughly it will finish by the end of this year.

For the period 2013−2017 years, the volume of imports into Europe increased. The increase amounted to 62%. Most indicator increased in 2016 and early 2018. The investigation raised 28 product categories. Only 5 of them saw an increase in the volume of purchases. Because tariffs and quotas will not affect them.

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