EU looks to extend tariffs on Korean steel for 3 more years

The European Union is seeking to extend its safeguard measures against Korean steel products for another three-year period, industry sources said Wednesday.

The European Commission has recently notified the World Trade Organization (WTO) that it plans to maintain its current level of tariffs on imported steel products, according to sources from the Ministry of Trade, Industry and Energy and the Korea Trade-Investment Promotion Agency.

The EU has been charging a 25 percent duty on imported steel products above its quotas since July 2018. The tariff had been originally planned to run through the end of this month.'

Korea and the EU "have been engaging in bilateral talks since Monday. We plan to prudently cope with the situation once we get more details, including the size of the quota," an official from the ministry said.

The commission reportedly said it is necessary for the economic bloc to maintain the safeguard measures considering the industry-wide slump amid the Covid-19 pandemic.

Yonhap