The European Commission has confirmed this week that the measures earlier announced in response to the US tariffs on steel and aluminium are set to come into effect from Friday 22 June.
The EU will apply an extra duty (of as much as 25%) for the import of US products, including steel, aluminium and agricultural goods, Kallanish notes.
"We did not want to be in this position. However, the unilateral and unjustified decision of the US to impose steel and aluminium tariffs on the EU means that we are left with no other choice. The rules of international trade, which we have developed over the years hand in hand with our American partners, cannot be violated without a reaction from our side. Our response is measured, proportionate and fully in line with WTO rules. Needless to say, if the US removes its tariffs, our measures will also be removed," Cecilia Malmström said in the statement.
In addition, the steel sector is awaiting a decision by the EU authorities regarding the possible imposition of new safeguard measures on the import of steel products from third countries. These would be aimed at shielding the market from a possible surge in imports as a result of the new US tariffs.