EU To Impose Steel Imports Safeguards

The European Commission has signalled that it is set to impose steel import safeguards from all origins as a response to the import surge into the EU resulting from the US steel tariff hike March 2018. The safeguard measures would be in place until July 2021. The safeguard measures are designed to limit imports of 26 steel product categories while at the same time ensuring traditional levels of trade in steel supply are maintained within the EU. To ensure compliance with WTO rules, the EU on January 4, sent a notification to the WTO on the safeguard decision. This would enable all affected WTO partners to engage in discussions with the EU before the measures come into force February 2019. Nigerian steel industry stakeholders have launched a petition for safeguard measures against the dumping of steel in the Nigerian economy. According to stakeholders, the dumping of steel in Nigerian markets would impede industrialisation efforts, and further hinder job creation and economic growth. The global steel glut underlines the necessity for a rules-based multilateral trade remedy framework.