Canada ends Korean steel safeguard tariffsCanada has followed Turkey in ending provisional tariffs on Korean steel.
The Ministry of Trade, Industry and Energy said Saturday that the Canadian government has lifted its provisional safeguard measure against seven steel products imported from Korea.
The measures had been aimed at stainless steel wires and heavy steel plates, a 25 percent tariff on imports exceeding the average imported volume between 2015 and 2017 implemented form October last year,
Canada opened a special probe the same month and terminated the investigation Saturday. It decided to provide the exemption following a recommendation by the Canadian International Trade Tribunal (CITT) early last month.
The tariff rate will gradually be brought back to its normal 5-10 percent rate through 2021.
The Korean government has been in talks with Canadian officials, urging them to follow the CITT’s recommendation while emphasizing free trade between Canada and Korea, the ministry said.
“Following Turkey’s announcement in May 7, the Canadian government’s final decision to exempt Korean steel product from safeguard measures is projected to greatly help the Korean steel companies improve their presence in the global market and aid them in securing more export markets,” the ministry said in a statement.
The Saturday announcement from Canada comes just three days after Turkey removed its provisional safeguard measures against five imported steel products from Korea and other countries.
Canada’s provisional safeguard measures initially came as the country, like Turkey, was concerned about a possible influx of steel products after the United States and the EU made protectionist moves.
The United States imposed 25 percent tariffs on imported steel and 10 percent tariffs on imported aluminum in March last year on national security grounds. The EU soon followed and imposed tariffs on steel products as well.
The ministry said it will continue negotiating with the Canadian government, which is expected to implement other protective policies in a bid to stabilize trade.
BY KO JUN-TAE [email@example.com]