Posted on 30 Jun 2022
On June 23, 2022, the European Commission issued an announcement to impose a definitive safeguard measure on imports of certain steel products, setting tariff-rate quotas (TRQs) on 26 steel product categories.
As usual, 25% tariffs only apply to the imported products that exceed TRQs. The safeguard measure was prolonged until June 30, 2024.
There are some adjustments this time. The list of developing countries subject to the definitive measure was updated. The restrictions of steel categories to some countries were amended. All developing countries will be subject to the restriction of category 4A as the total import volume in 2021 that was below 3% is higher than 9%.
In addition, the yearly level of liberalization was raised to 4% from July 1, 2022, up from the current 3%.
The European Commission announced on December 17 last year that it decided to initiate a review investigation on the EU steel product safeguard measure.
Source:Yieh
