EU states back measures to limit steel imports after U.S. tariffs
European Union countries voted on Thursday in favor of provisional measures proposed by the European Commission to curb steel imports into the bloc, following a U.S. decision to slap tariffs on EU steel and aluminum, Reuters reported.
The Commission has proposed a combination of a quota and a tariff to prevent a surge of steel imports that is threatened, notably after the United States imposed levies on incoming steel and aluminum. The EU fears that products no longer imported into the United States will instead flood European markets.
“This is intended to prevent the negative effects of trade diversion, but at the same time maintain traditional supply and effective competition on the EU market,” a Commission spokesman said.
The quota would be a reflection of imports over recent years, with a 25 percent tariff set for volumes exceeding that amount, according to a source familiar with the proposal.
A total of 25 EU countries voted in favor of the measures but three abstained, a source close to the negotiations said.