UK Floats 3-Year Extension of EU Safeguard Measures on Certain Steel Imports
The United Kingdom should extend European Union safeguard measures on 10 product categories of steel imports for three years, Britain's Trade Remedies Investigations Directorate recommended in its Statement of Intended Final Determination May 19. After reviewing 19 categories of steel imports covered by existing trade remedies, TRID recommended the remaining nine remedies should be revoked. For each category, TRID conducted an “Economic Interest Test” to weigh damage the imported steel products are causing to domestic producers, economic significance of the affected industries, impact on certain geographic areas and likely consequences for the U.K. market's competitive environment.
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For the product codes that TRID recommended revoking trade remedies, the agency found “there is no UK production or there has been no increase in imports found, no significant increase in imports, no serious injury, or, in one category, extension would not meet the Economic Interest Test.” TRID suggested the trade remedy extension for product codes that experienced an import surge. A tariff rate quota exists as the most appropriate form of measure to be used for the categories, the agency said, with a 25% tariff rate for imports above the quota.