EU expected to clear steel import curb after Trump tariffs

The European Union countries are expected to approve a scheme to limit imports of steel into the bloc following U.S. President Donald Trump’s imposition of tariffs on steel and aluminum entering the United States, according to a report of the news agency "Reuters".

The vote on Jan. 16 would put in place an effective cap on steel imports for three years to counter concerns of EU producers that European markets could be flooded by steel products that are no longer being imported into the U.S..

The bloc imposed “safeguard” measures on a provisional basis on imports of 23 steel product types in July, with an expiry date of Feb 4. The quota was set at the average level of imports over the past three years, with a 25 percent tariff applied if the quotas are filled.

Source: Reuters, phototo: fotoalia