EU official confirms exploration of Western steel alliance with US and UK to address global steel overcapacity
On Saturday, EU Trade and Economic Security Commissioner Véghovszky confirmed that the European Union is exploring the establishment of a Western Steel Alliance with the United States and the United Kingdom to tackle global overcapacity in the steel industry.
Speaking during a break at the World Trade Organization ministerial meeting in Cameroon, Véghovszky said: "Wouldn't it be better if those very important economies—such as G7 countries—or at least starting with the U.S. and the EU—could take coordinated measures to address global overcapacity issues and thereby protect our steel industries?"
The UK has been actively lobbying for such an alliance. Earlier this month, UK Minister of State for Trade Bryant launched a charm offensive, visiting Brussels, Paris, and the Netherlands. Véghovszky remarked, "I know all our British friends would be very interested in such cooperation."
For years, the UK has advocated for establishing and joining a Western Steel Group, hoping to avoid the 50% new tariffs planned by the EU. In response, the UK has already taken countermeasures—tightening steel import quotas and raising tariffs on imports exceeding quotas to 50%.
Véghovszky pointed out, "Due to global overcapacity, we must adopt different safeguard measures. The Americans have done so, and the Canadians have followed suit. We are taking these safeguard measures solely to save our steel industry. The UK is now doing the same."
Source: rfi
Original: toutiao.com/article/1860991482564739/
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