The European Commission has proposed to strengthen the protection of the internal steel market by initiating a new package of restrictions on steel imports into the European Union. According to the initiative, the volume of duty-free steel imports to EU countries will be limited to 18.3 million tons per year, which is nearly half of the quota levels set for 2024. Additionally, it is proposed to significantly increase tariffs on steel imports to 50%.
This is reported by Finway
Objectives of the New Tariffs and Changes in Trade Policy
The updated trade measures are intended to replace the existing protective package for steel, which will expire next year. The main goal of the new rules is to safeguard European producers from the increasing pressure of steel imports from countries with excess production capacity, which poses risks to the stability of the internal market.
The project is subject to review and approval by the European Parliament and the Council of the EU. It is important that the interests of Ukraine, which is a candidate country for EU membership and is currently in a state of war, are taken into account when determining the size of tariff quotas and restrictions.
Impact on Ukrainian Steel Exports
“Ukraine is among the top ten sources of steel imports to the EU and will have access to the system of duty-free tariff quotas.”
The European Commission emphasizes that the introduction of new measures should not negatively affect trade between Ukraine and the EU. Ukrainian exporters will continue to benefit from duty-free tariff quotas, which will help maintain their competitive positions in the European market.