FILE PHOTO: European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium, March 12, 2018. REUTERS/Yves Herman/File Photo
BRUSSELS - 18 July 2018: The European Union will launch safeguard measures on Thursday designed to prevent a surge of steel imports into the bloc that could have followed the U.S. imposition of tariffs on incoming steel and aluminum, the EU’s official journal said.
The European Commission has proposed a combination of a quota and a tariff to counter EU concerns that steel products no longer imported into the United States would instead flood European markets.
The quotas for 23 steel product categories are designed to be a reflection of imports over the past three years, with a 25 percent tariff set for volumes exceeding those amounts.