Turkish steel industry protests new EU import controls
The Turkish Steel Producers Association (TCUD) stated that while the EU claims the proposal is WTO-compliant, it actually violates WTO rules.
SEATTLE (Scrap Monster): The European Commission announced a new import regulation proposal on October 7, cutting the EU's existing duty-free import quota by 47% to 18.3 million tons and imposing a 50% tariff on excess imports.
The Turkish Steel Producers Association (TCUD) stated that while the EU claims the proposal is WTO-compliant, it actually violates WTO rules.
It is estimated that once the new regulations take effect, Turkish steel exports to the EU could decrease by approximately 50%. Furthermore, this measure will negatively impact many steel-consuming industries within the EU.
Courtesy: www.yieh.com