FILE PHOTO. © Getty Images / Patrick Pleul/picture alliance
The European Commission proposed a 50% work on steel imports above the yearly quota, claiming that this would defend the EU metallurgical manufacture from global competition and US duties.
The agreement concluded at the beginning of this year by European Commission president Ursula von der Leyen and US president Donald Trump, seen as non-unilateral in the EU, established a base 15% US customs tariff for most EU exports, but left steel and aluminium at 50%.The protectionist measurement von der Leyen requires the approval of the European Parliament, but if adopted, it will importantly reduce the existing duty-free quota and double the work on surpluses from 25% to 50%.According to the plan, importers would gotta prove where the steel was melted and poured and the amounts would be reset to levels close to the level of 2013."Global overcapacity harms our industry" said von der Leyen in a message published by the Commission.The EU's home steel sector worked with productivity only 67% last year and reported evidence losses, and the crisis only aggravated Trump's duties.The United States, the largest block customer, imported iron and steel products worth around $8.7 billion last year, according to S&P Global.However, fresh duties will hit Britain hard, as around 78% of its steel exports go to the EU, according to commercial data.The BBC reported on Tuesday that British manufacture leaders warned that fresh measures could have disastrous consequences if implemented.Translated by Google Translator
source:https://www.rt.com/news/626059-eu-proposes-steel-tariffs/
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