GCC imposes ‘safeguard’ tariff on iron and steel products

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