The European Commission will propose to cut the steel import shares by almost half and increase rates on volumes above these levels to 50%, in line with the rates imposed by the United States and Canada, said a informed source of details on Reuters on Wednesday.
The measures will be part of a new package for the steel industry, which will be officially presented on October 7th. Stephane Sejourne, executive vice -president of the Commission for the industrial strategy, said the steel associations on Wednesday before the announcement of next week.
The current safeguards for the block steel will expire on 30 June next year. The EU and Western allies are trying to contain the excess capacity created by Chinese sainted steel factories and other sectors.
The EU has already limited the current steel import shares of 15% from April 1 and the Commission is investigating the market trends for possible aluminum safeguards, as well as export rates of metal waste.
The steel entered the center of attention at the beginning of this year after the President of the United States Donald Trump has increased the rates of imports of foreign steel and 50%aluminum.
After reaching a general commercial agreement with Trump at the end of July, the EU said he would have worked closely with Washington in a “metal alliance” to protect their respective productions against China. European steel manufacturers still face a 50% export rate for the United States.
The EU Commissioner of the EU trade Maros Sefcovic met the commercial representative of the United States Jamieson Greer in Asia at the beginning of this month to rekindle the negotiations. EU sources previously told Reuters that the new guarantees would be a starting point for detailed negotiations with Washington.
Source: Terra

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