EU Extends Steel TRQs for 2 Years
The EU extended its steel safeguard measure until June 30, 2026, the European Commission's Directorate-General for Trade announced. The measure imposes tariff rate quotas "above which a 25% duty is levied on imports." The TRQs were imposed in response to the U.S. Section 232 measures.
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The commission said the extension was needed due to "high levels of global steel overcapacity and the surge of exports from China to third countries, notably in Asia," leading to higher exports from those countries. A heightened number of "trade defense measures" along with a "significant" dip in demand in the EU also warranted the extension, the commission said.