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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

GCC imposes ‘safeguard’ tariff on iron and steel products

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GENEVA: The countries of the Gulf Cooperation Council (GCC) will impose a safeguard tariff of $169 per tonne on imports of certain iron and steel products from May 15, they said in a filing published by the World Trade Organization on Monday.


The three-year tariff on clad, plated or coated flat-rolled products of iron or non-alloy steel, of a width of 600 mm or more, will fall to $153/tonne in the second year and to $137/tonne in the third year.


The GCC countries said last year they were investigating the case for safeguard tariffs, which are temporary, emergency tariffs that the WTO allows if a particular industry is hit by a sudden, damaging and unforeseen surge in imports.


The moves as US President Donald Trump announced a delay in the imposition of steel and aluminium tariffs on the European Union, Mexico and Canada until June 1 as he finalises deals with them, the White House said in a statement. — Reuters


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