Reuters reported that Italian Industry Minister Mr Giancarlo Giorgetti said that Europe should temporarily suspend its tariffs on imported steel to head off shortages and avoid harmful effects on industry. He told that “Europe had prioritised the interests of the steelmakers during the health pandemic without realising this could have serious knock on effects on supply. The situation is unsustainable. This measure should be temporarily suspended because it’s blocking industrial production. We need to discuss this in Europe and convince everyone to take this decision.”The minister said the situation could be reviewed once the situation normalised.Earlier this year the European Union opted to continue a system of quotas and tariffs that has been in place since 2018 for a further three years to protect EU steelmakers from a potential surge of imports.
Reuters reported that Italian Industry Minister Mr Giancarlo Giorgetti said that Europe should temporarily suspend its tariffs on imported steel to head off shortages and avoid harmful effects on industry. He told that “Europe had prioritised the interests of the steelmakers during the health pandemic without realising this could have serious knock on effects on supply. The situation is unsustainable. This measure should be temporarily suspended because it’s blocking industrial production. We need to discuss this in Europe and convince everyone to take this decision.”The minister said the situation could be reviewed once the situation normalised.Earlier this year the European Union opted to continue a system of quotas and tariffs that has been in place since 2018 for a further three years to protect EU steelmakers from a potential surge of imports.
