EU steel tariffs to hit Taiwan exports

Tariffs to be imposed next month, will last for 3 years

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Taiwanese steel products to face new EU tariffs next month

Taiwanese steel products to face new EU tariffs next month (By Central News Agency)

TAIPEI (Taiwan News) - Steel exports from Taiwan could be affected by 25-percent tariffs to be imposed by the European Union on February 2 in retaliation against U.S. tariffs, reports said Wednesday.

The new European tariffs will remain valid for three years, the Liberty Times reported.

While 530,000 tons of Taiwanese steel products are included in a national quota which should not be affected, a further 350,000 tons located outside the quota could fall under the new tariffs, according to talks between government officials and representatives of the industry.

Due to Taiwan’s rising steel exports, the likelihood of its products falling under the tariffs has increased, reports said. The EU was Taiwan’s second-biggest export market for steel last year, following the Association of Southeast Asian Nations, for a value of US$1.4 billion (NT$42 billion), amounting to 1.39 million tons and to a market share for similar steel products of 12 percent, according to the Liberty Times.

Government officials said they would continue to talk to the EU about the measures, including a proposal to leave steel products already on their way to Europe out of the new tariffs.