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EU plans to revise steel import tariff to prevent oversupply

According to media, as the EU economy recovers from the effects of the pandemic, the EU plans to modify its steel import restrictions to prevent major market distortions.

It is proposed to amend the EU import restrictions introduced two years ago to prevent the transfer of global steel supply to Europe and lead to a large surplus of European steel supply due to the 25% tariff imposed by the United States on imported steel.

The European Union's "safeguard measures" involve a 25% tariff on 26 kinds of steel imported by the European Union, whose transport volume exceeds the three-year average level, including hot-rolled stainless steel, cold-rolled steel sheet to deformed steel and railway materials.

The adjusted steel import restrictions came into effect on July 1 this year.