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Tariffs

EU and US Must Work Together to Counter Steel Imports from Third Countries

Strategic Insights

— 1 min read

European Commissioner for Trade Maros Sefcovic has called on the EU and US to collaborate to address the issue of steel imports from third countries, which he believes is harming European industry. Sefcovic wants to use this issue as an opportunity to resume negotiations with the US on tariffs on steel imports. The EU and US have a trade agreement in place, but Sefcovic considers this to be just the first step in resolving trade relations between the two nations.

Key Takeaways:

  • European Commissioner for Trade Maros Sefcovic has urged the EU and US to work together to counter steel imports from third countries, which he claims are harming European industry.
  • Sefcovic has proposed cutting steel import quotas by 47 percent to 18.3 million tonnes a year, with duties on shipments exceeding those quotas raised to 50 percent from the current 25 percent.
  • The European steel industry has been facing significant challenges in recent years, including cheap steel imports from China and other Asian countries.
  • Sefcovic believes that the current trade agreement with the US is only the first step in resolving trade relations and wants to use the issue of steel tariffs to resume negotiations with the US.
  • US President Donald Trump has raised tariffs on US steel and aluminium imports to 50 percent, while the EU has committed to removing tariffs on US industrial goods.
  • The European Commission has highlighted the specific problem of overproduction of steel in third countries, which is affecting the steel industry in practically all EU countries.
  • Sefcovic has expressed confidence that the EU and US can find an agreement on the issue, which he considers the biggest problem in current trade relations between the two nations.

Statistics:

  • 5 million tonnes: The amount of steel that is not produced in the US but is imported to the US market.
  • 18.3 million tonnes: The proposed steel import quota by the European Commission.
  • 47 percent: The proposed reduction in steel import quotas.
  • 50 percent: The proposed tariff rate on steel shipments exceeding the quota.
  • 25 percent: The current tariff rate on steel shipments exceeding the quota.
  • 50 percent: The tariff rate on US steel and aluminium imports imposed by President Trump.

Sources:

  • CTK correspondent, "EU and US should work together to counter steel imports from third countries, European trade commissioner says", October 16 [Accessed: [date]]

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