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Steel Tariffs Prompt EU to Launch Safeguard Investigation
03/27/2018 - Fearing that President Trump’s Section 232 steel tariffs will create a surge of diverted imports, the European Commission has opened a safeguard investigation on 26 products.
“The surveillance system for imports of steel – in place since March 2016 – has provided evidence that imports of certain steel products have been increasing,” the commission said in an announcement.
“This trend may be even stronger now that the access to the U.S. market has been limited and steel products from other parts of the world previously destined to the U.S. may be redirected to Europe, disturbing the market and skewing prices.”
According to the Bloomberg news service, the products account for 40% of the value of the EU’s annual iron and steel imports.
Bloomberg has more here.
