The European Union extended its safeguard measures on steel imports for three more years, the European Commission announced in June 2021. Implementing Regulation (EU) 2021/1029, adopted on 24 June and published on 28 June, prolonged the measures from 1 July 2021 to 30 June 2024. The safeguards, first imposed in 2018 after the United States put tariffs on steel imports, cover 26 product categories through tariff-rate quotas set to preserve traditional trade flows. Imports above the quotas face a 25 percent duty. Quota volumes rise by 3 percent a year, and the Commission will review whether the measures can end early, after two years. Twelve member states had asked for the extension, arguing that removing the measures during the pandemic recovery could trigger a sudden wave of imports. The decision was welcomed by European steelmakers and criticised by importers and by exporting countries, including India, which raised the matter at the World Trade Organization.
Source: MetalMiner — https://agmetalminer.com/2021/06/30/eu-extends-steel-safeguards-for-three-more-years/
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