Maros Šefčovič, EU Commissioner. EPA Yonhap News. 

The European Union (EU) is currently exploring measures to prevent a surge in steel imports from countries such as China.

Maros Šefčovič, the EU Commissioner for Trade and Economic Security, stated in an interview with Euractiv, released today, that "very strong (steel) trade protection measures will be adopted by mid-October."

Commissioner Šefčovič also mentioned that robust tracking mechanisms are being considered to prevent steel products from misrepresenting their origin and entering Europe.

When asked if the new measures were aimed at China, he replied, "It's not just China," adding, "We will conduct a comprehensive review of all importing countries that could potentially bring goods into the European market."

This implies that a new system to replace the existing steel safeguard measures will be unveiled soon.

The EU safeguard mechanism, implemented in 2018 in response to the Trump administration's steel tariffs, allows imports duty-free up to a country-specific quota, with a 25% tariff applied to quantities exceeding the quota. Korean steel is also subject to the quota system under the safeguard measures.

However, the safeguard measures are set to expire on June 30 of next year, in accordance with World Trade Organization (WTO) regulations.

In the interview, Commissioner Šefčovič also expressed hope for cooperation with the United States, stating that both the EU and the US are facing the same issue of "global overcapacity."

While the EU secured a commitment to a 15% tariff cap on most goods through a trade agreement with the US concluded at the end of July, steel products still face a 50% tariff.

However, the joint statement documenting that agreement explicitly stated that regarding steel and aluminum, "the possibility of cooperation to protect their respective domestic markets from oversupply will be examined."

Furthermore, it included a commitment to "ensure mutual supply chain security, including through Tariff Rate Quota (TRQ) solutions."

Yonhap News