(MENAFN- Kuwait News Agency (KUNA)) BRUSSELS, Oct 1 (KUNA) -- EU Commissioner for Industry Stephane Sejourne announced Wednesday that the EU intends to propose a significant reduction in steel import quotas from the US and to raise tariffs on imported metals to 50 percent, in response to similar US measures.
Sejourne told a meeting with industry representatives in Brussels that the European Commission will unveil next week a new package of measures to protect the steel sector, to replace the current "safeguard clause" set to expire next year.
According to participants in the meeting, he added that protecting the steel industry is a top priority for Brussels, particularly after US President Donald Trump imposed 50 percent tariffs on steel imports earlier this year.
He noted that the EU seeks to prevent large volumes of cheap steel from flooding European markets following Washingtonآ's new levies and Canadaآ's decision to raise tariffs on Chinese imports.
An agreement reached between the EU and the United States last July did not lead to a reduction in US tariffs on European steel, though EU officials remain hopeful for a future understanding on the issue.
Brussels will now propose cutting foreign steel import quotas by nearly half and raising tariffs to levels similar to those imposed by the United States and Canada. (end)
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