A plan to curb imports of steel products into the European Union has received the green light from the bloc's 28 member states.
The decision will impact South Korea, which exported millions of tons of steel to the EU in 2017.
Kim Hyo-sun tells us more.
The European Union has agreed to limit the import of 26 steel products until July, 2021.
The measure was introduced to protect European steelmakers from steel products that could flood into Europe as they will no longer be imported into the U.S. following President Trump's imposition of metals tariffs.
The European Commission says the 28 member countries backed the plan,... adding the measures will enter into force from next month.
The world's largest economic bloc plans to impose a 25 percent tariff on steel items including hot-rolled and cold-rolled steel sheets once their import quotas are filled.
The commission plans to introduce a quota set at the average level of steel imports over the past three years,... with an additional 5 percent increase per year.
There are no limits for specific exporting countries,... but the EU introduced a national quota for major exporting countries that account for over five percent of the market share for specific products.
The EU is the fourth largest importer of South Korean steel,... with over three-point-three million tons of steel exported to the European community in 2017,... worth some two-point-nine billion U.S. dollars.
Last week, Seoul raised opposition against the EU's plan,... adding the South Korean government will take retaliatory measures if Brussels insists on the safeguards.
Kim Hyo-sun, Arirang News.
