Due to the US steel tariffs, the European Union (EU) market is facing a problem of surged steel imports and trade transfer. Therefore, the EU implemented a permanent measure since February in order to prevent the steel industry from damages.
In addition, the European Commission (EC) begun to evaluate the schedule of safeguard measures on steel products in May, and the result indicated that the relevant measure operated effectively during the period of implementation.
The EC would adjust the mode of operation for certain products, such as hot-rolled steel products used in the automotive industry, updating the exemption list of developing countries based on import data, and reducing the import quota from 5% to 3%.
Source from Yieh Corp
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