Europe should temporarily suspend steel tariffs to help industry – Italian Minister

FILE PHOTO: Italian Minister of Economic Development Giancarlo Giorgetti attends a Senate debate ahead of a vote of confidence for the government, in Rome, Italy, February 17, 2021. Andrew Medichini / Pool via REUTERS

SIENA, Italy (Reuters) – Europe should temporarily suspend tariffs on imported steel to address shortages and avoid adverse effects on industry, Italy’s Industry Minister Giancarlo Giorgetti said on Friday.

When asked if Rome was planning to intervene in the 25% tariff regime, Giorgetti said that Europe had prioritized the interests of steelmakers during the health pandemic without realizing that it could have serious repercussions on the economy. ‘supply.

“The situation is unsustainable (…) this measure should be temporarily suspended because it blocks (industrial) production,” he said.

Earlier this year, the European Union chose to keep a quota and tariff system in place since 2018 for three more years to protect EU steelmakers from a possible increase in imports.

“We have to discuss this in Europe and convince everyone to make this decision,” said Giorgetti.

The minister said the situation could be reviewed once the situation normalizes.

The main steel exporters to the EU are China, India, Russia, South Korea, Turkey and Ukraine.

Reporting by Silvia Ognibene, written by Stephen Jewkes; Editing by Steve Orlofsky

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