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EU Approves Steel Anti-Dumping Measures

Monday, July 9, 2018

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The European Union voted Thursday (July 5) to approve a combination of quotas and tariffs on steel products to offset a feared influx of “dumped” steel after the United States placed its own tariffs on incoming steel this spring.

Bloomberg reports that the approach will involve a quota based on the amount of steel products imported into the EU in recent years, with a 25 percent tariff on any product imported beyond that volume.

Steel mill
© iStock.com / Leonid Eremeychuk

The EU will institute quotas and tariffs to combat possible dumping in the wake of the United States' steel tariffs.

The vote Thursday involved the EU’s 28 countries, with 25 reportedly voting to approve while three abstained. The vote authorized the European Commission to take the trade measures; the EC must still have a final vote on the matter.

The tariffs will likely go into effect later this month, and are provisional measures, to continue through December while the EC investigates the effects the U.S. tariffs are having on the market in Europe. The EU’s approach to the steel trade could then change depending on the results of that investigation.

Thyssenkrupp-Tata Deal

The measures came at the behest of the European steel industry, including Thyssenkrupp, which recently expressed concerns about the possibility of cheap Asian steel undercutting its competitive position in Europe.

Thyssenkrupp and Tata Steel, two major players in the European steel industry, announced Saturday (June 30) that they plan to combine their steel operations on the continent in a joint venture that would be Europe’s second-largest steel company.

The United States’ tariffs on steel imports went into effect over a period of months, affecting some Asian countries in March, and other countries, including Canada and the EU, at the beginning of June. Canada and the EU have since instituted retaliatory tariffs on U.S. goods, and in late June, Canada reportedly began considering tariffs of its own on steel from some Asian nations, in response to possible dumping into its market.

   

Tagged categories: Economy; Government; Market; Steel

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