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Europe should temporarily suspend steel tariffs to help industry -Italy minister By Reuters

by Mike Robinson

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© Reuters. FILEPHOTO: Giancarlo Giorgetti, Italy’s Minister For Economic Development, attends a Senate discussion ahead of a confidence motion for the government. Rome, Italy. February 17, 2021. Andrew Medichini/Pool via REUTERS

SIENA, Italy (Reuters) – Europe should temporarily suspend its tariffs on imported steel to head off shortages and avoid harmful effects on industry, Italian Industry Minister Giancarlo Giorgetti said on Friday.

Giorgetti was asked if Rome would intervene in the 25 percent tariff system. He said Europe has prioritised steelmakers’ interests during the pandemic, but that this might have severe knock-on consequences for supply.

He stated that the situation was not sustainable and suggested that this measure be suspended temporarily as it is preventing (industrial) production.

In order to prevent a surge in steel imports, the European Union chose to maintain a system of tariffs and quotas which has been in effect since 2018.

Giorgetti stated that Europe needs to have a discussion about the matter and encourage everyone to make this decision.

Once the situation stabilizes, the minister suggested that the situation can be reviewed.

China, India (and Russia), South Korea, Turkey, Turkey, and Ukraine are the major steel exporters to EU.

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