Brussels intends with these adjustments to increase the effectiveness of tariffs and ensure that they are "totally in line" with the rules of the World Trade Organization (WTO). The analysis of the measures carried out until May, however, showed that "they have worked well," the institution said in a statement.
In particular, the EU will adjust the operation of some quotas for certain products, such as those of hot rolled steel or others for the automotive sector. In addition, it will update the list of developing countries to which tariffs do not apply, taking into account the most recent data.
It will also reduce the pace of gradual liberalization and increase the level of the duty-free quota after 3% after each year of application, instead of the 5% stipulated so far.
The Community Executive communicated the changes this Wednesday to the WTO and will now discuss them with the affected countries. After these consultations, they must be approved by the Member States so that they can enter into force in October of this year.
The block has definitively applied since February definitive tariffs of 25% on the importation of 26 categories of steel products from third countries from a certain level.
This measure is part of the European Union's response to the decision of US President Donald Trump to apply tariffs on imports of these products and will be in force until July 2021.
Thus, the EU imposes these tariffs on steel imports from any country in the world except Norway, Iceland and Liechtenstein – due to their high degree of economic integration with the EU – developing countries whose imports into the EU block do not exceed 3% and South Africa, for having a reciprocity agreement.
. (tagsToTranslate) Brussels (t) raises (t) adjustments (t) tariffs (t) imports