BRUSSELS: The European Union will launch measures on Thursday designed to prevent a surge of steel imports into the bloc following the US imposition of tariffs on incoming steel and aluminum, the EU’s official journal said.
The European Commission has proposed a combination of a quota and a tariff to counter EU concerns that steel products no longer imported into the United States would instead flood European markets.
The measures are the third part of the EU’s response to US tariffs. It has also imposed tariffs on €2.8 billion ($3.3 billion) of US imports, including bourbon and motor bikes, and has launched a legal challenge at the World Trade Organization.
The quotas for 23 steel product categories have been set at the average of imports over the past three years, with a 25 percent tariff set for volumes exceeding those amounts. These quotas are allocated on a first come first serve basis.
The main exporters of steel to the EU are China, India, Russia, South Korea, Turkey and Ukraine.
The Commission said that the EU steel industry was “in a fragile situation and vulnerable to a further increase in imports,” with US tariffs reducing its capacity to sell there making them even more vulnerable.
“In the absence of provisional safeguard measures, it is likely that the situation will develop into actual serious injury in the foreseeable future,” the EU official journal said.
European Trade Commissioner Cecilia Malmstrom said in a statement that the bloc was faced with no choice given the threat of serious harm to EU steelmakers and workers, but that EU markets would remain open with traditional trade flows.
The Commission will continue its investigation, which was launched on March 26, until the end of the year. The provisional safeguards can be in place for up to 200 days.
Imports of 28 products increased by 62 percent from 2013 to 2017, most noticeably in 2016 and with further rises this year. However, for five products, imports did not increase, leading the Commission to exclude them from its measures.
For 12 steel product categories, imports from countries including China, Russia and Ukraine are already subject to anti-dumping and anti-subsidy duties. The Commission said it would consider suspending or reducing them to avoid the imposition of “double duties.”
EU manufacturers of the products ranging from hot and cold rolled sheets, plates, coated steel and tubes include ArcelorMittal, Voestalpine and Tata Steel.
EU to curb steel imports after Trump tariffs
EU to curb steel imports after Trump tariffs
Qatar’s foreign reserves rise to $71.9bn in January
RIYADH: Qatar’s foreign reserves saw a slight increase in January, reaching $71.95 billion, according to recent data from the Qatar Central Bank.
The figures, released at the end of last month, show a steady rise in the country’s international reserves and foreign currency liquidity.
One notable highlight from the report is a significant 12.8 percent month-on-month rise in Qatar’s gold investments, which now stand at $18.13 billion — marking the highest level ever recorded.
This growth in reserves underscores Qatar’s increasingly robust financial position, which is expected to be mirrored in the December data of other Gulf Cooperation Council countries.
The GCC nations, whose currencies are pegged to the US dollar, typically align their monetary policies with that of the Federal Reserve. Accumulating foreign reserves is crucial for maintaining the stability of these currency pegs, managing liquidity, and safeguarding exchange rates, especially during periods of global financial uncertainty.
However, the report also revealed a decline in investments in foreign treasury bonds and bills, which fell by 9 percent month on month to approximately $30.1 billion — the lowest level in five years. In contrast, the total balances held with foreign banks saw an 18.7 percent increase, reaching $5.92 billion, the highest figure in 10 months.
QCB’s international reserves and foreign currency liquidity also showed a year-on-year increase of 2.65 percent in December, reaching $71.7 billion, as reported by the Qatar News Agency.
This trend of rising foreign reserves is not unique to Qatar. In November, Saudi Arabia’s foreign reserve assets saw a notable 5 percent increase, reaching $463.6 billion, suggesting a regional trend of accumulating financial buffers.
In addition, Qatar’s economic resilience continues to be recognized globally. In March, Fitch Ratings reaffirmed the country’s “AA” credit rating, citing its expanding liquefied natural gas production capacity and high per capita income. The rating reflects Qatar’s strong fiscal position, with one of the highest GDPs per capita globally and a flexible public finance framework that bolsters its economic stability.
An “AA” rating signals very low credit risk and a strong ability to meet financial obligations, even amid potential economic challenges. This rating aligns with a broader regional shift, as Middle Eastern countries diversify their economies to reduce dependence on oil revenues.
