Following the announcement by the US that steel imports from the EU will face a 25 percent tariff under Section 232 as of June 1, the European Steel Association (EUROFER) has stated that it condemns the US action and has called on the European Commission to swiftly adopt safeguard measures that are broad in scope, comprehensive in the countries covered, but that ensure access to traditional trade flows.
“The EU needs to act swiftly in its own interest to defend the internal market from the ‘Section 232 effect’ - the impact of steel deflected from the US border to the largest open steel market in the world: Europe’s,” stated Axel Eggert, director general of EUROFER.
“EUROFER calls for a quickly-deployed safeguard that covers the full product scope that will be affected - and warns that there cannot be country exclusions if the safeguard is to function. However, the purpose is not to exclude imports: it is preventative remedial action against the threat posed by import surges,” added Mr. Eggert.
According to EUROFER, in the first four months of the current year, imports have surged by 8.4 percent, almost certainly as a result of the Section 232 effect. 2017 already represented a high-water mark for imports into the EU - making rapid corrective remedial action all the more imperative.