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22/03/2002
EU responds swiftly to US steel tariffs
The European Union has announced plans to impose levies on US products in response to President Bush's recent decision to impose tariffs on steel imports.
The US tariffs, which came into force on Wednesday 20 March, will mean all steel imports which enter the country over the next three years will be subject to a levy of 30 per cent. The move comes in response to pressure from the North American steel industry, who have complained of the "unfair" importation practices used by foreign steelmakers.
However, the EU has acted swiftly to protect the interests of its own steel industry, by imposing penalties on what has been described as "goods produced in areas politically important to President Bush". In addition, the EU has announced its intention to file an immediate complaint with the World Trade Organisation.
US steel imports represent around 10 per cent of the world trade in steel, and while some countries have been given exemption from the tariffs – including South Africa and Canada – steel workers throughout the EU and the Far East will be hard hit by the US levies, with companies in the EU expected to lose around $2 billion a year if the current situation remains unchanged.
(CL)
The US tariffs, which came into force on Wednesday 20 March, will mean all steel imports which enter the country over the next three years will be subject to a levy of 30 per cent. The move comes in response to pressure from the North American steel industry, who have complained of the "unfair" importation practices used by foreign steelmakers.
However, the EU has acted swiftly to protect the interests of its own steel industry, by imposing penalties on what has been described as "goods produced in areas politically important to President Bush". In addition, the EU has announced its intention to file an immediate complaint with the World Trade Organisation.
US steel imports represent around 10 per cent of the world trade in steel, and while some countries have been given exemption from the tariffs – including South Africa and Canada – steel workers throughout the EU and the Far East will be hard hit by the US levies, with companies in the EU expected to lose around $2 billion a year if the current situation remains unchanged.
(CL)
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