EU imposes safeguard measures on imported steel products
- 6 years ago
EU '23개 철강제품 19일부터 긴급수입제한조치'…한국도 타격
The European Union is stepping up efforts to protect its own market... following U.S. tariffs on imported steel and aluminum.
And the bad news is that... South Korea might be one of the hardest hit.
Our Kim Hyo-sun tells us why
The EU will begin imposing provisional safeguard measures on imported steel products from Thursday to tackle the diversion of steel to the European market as a result of tariffs imposed by the U.S.
An additional 25 percent tariff will be imposed on 23 steel products imported to the world's largest economic bloc once their volumes exceed the average quotas of the past three years.
"We are working very closely with the industry to see whether steel or aluminium intended for the U.S. market is coming to Europe and whether that is affecting the market, dumping prices and so on."
The provisional safeguard measures can be imposed for a maximum of 200 days.
The European Commission will continue to look into the measures and decide whether to impose definite safeguard measures by the end of the year.
It's also looking into imported aluminum to decide whether similar measures need to be in place.
South Korea is among the countries to be affected by such measures,... along with China, India and Russia.
As for the targeted 23 products,... South Korea currently exports over three-point-three million tons of steel annually to the EU,... worth some two-point-nine billion U.S. dollars.
Seoul's foreign ministry has reportedly delivered concerns that the provisional safeguard measures may not only have a negative impact on reciprocal trade between the two parties but also further spread trade protectionism globally.
Kim Hyo-sun, Arirang News.
The European Union is stepping up efforts to protect its own market... following U.S. tariffs on imported steel and aluminum.
And the bad news is that... South Korea might be one of the hardest hit.
Our Kim Hyo-sun tells us why
The EU will begin imposing provisional safeguard measures on imported steel products from Thursday to tackle the diversion of steel to the European market as a result of tariffs imposed by the U.S.
An additional 25 percent tariff will be imposed on 23 steel products imported to the world's largest economic bloc once their volumes exceed the average quotas of the past three years.
"We are working very closely with the industry to see whether steel or aluminium intended for the U.S. market is coming to Europe and whether that is affecting the market, dumping prices and so on."
The provisional safeguard measures can be imposed for a maximum of 200 days.
The European Commission will continue to look into the measures and decide whether to impose definite safeguard measures by the end of the year.
It's also looking into imported aluminum to decide whether similar measures need to be in place.
South Korea is among the countries to be affected by such measures,... along with China, India and Russia.
As for the targeted 23 products,... South Korea currently exports over three-point-three million tons of steel annually to the EU,... worth some two-point-nine billion U.S. dollars.
Seoul's foreign ministry has reportedly delivered concerns that the provisional safeguard measures may not only have a negative impact on reciprocal trade between the two parties but also further spread trade protectionism globally.
Kim Hyo-sun, Arirang News.