The European Union voted today (Thursday, July 5) in favor of provisional measures against steel imports under the scope the safeguard investigation launched in response to the Section 232 tariffs in the US.
The European Commission has proposed a combination of a quota and a tariff as expected. The provisional measures are yet to be approved by the commission and are likely to take effect around the middle of July. The deadline for the final decision is late December.
“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,” the news outlets quoted a Commission spokesman.
The quota will be based on import volumes over recent years and a 25 percent tariff will apply for the volumes exceeding that amount.
Reuters said a total of 25 EU countries voted in favor of the measures, with three countries abstaining from the vote, citing a source close to the matter.