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Thursday May 28th, 2020 5:56PM

EU moves to limit steel flooding in due to US tariffs

By The Associated Press

BRUSSELS (AP) — The European Union says it is introducing new measures to prevent steel produced for the U.S. market from flooding into Europe instead because of tariffs introduced by President Donald Trump.

The EU's executive Commission said Friday that "imports of steel products into the EU have been increasing sharply" since Trump's move and that "this is seriously threatening EU steelmakers."

It said the safeguard measures enter force Saturday and "concern 26 steel product categories and consist of tariff-rate quotas above which a duty of 25 percent will apply."

Trump imposed tariffs of 25 percent on steel imports and 10 percent on imported aluminum on June 1, 2018. He said the move was to protect U.S. national security interests. Other countries claim it is protectionism and breaks global trade rules.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy
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