The European Union applies 25% “rebalancing” tariffs on a wide range of products imported from the United States, including seven categories of fasteners, effective from Friday 22ndJune 2018.
The tariffs are in response to the Section 232 tariffs applied by President Donald Trump to steel and aluminium from the EU.
Commissioner for Trade Cecilia Malmström said: “We did not want to be in this position. However, the unilateral and unjustified decision of the US to impose steel and aluminium tariffs on the EU means that we are left with no other choice. The rules of international trade, which we have developed over the years hand in hand with our American partners, cannot be violated without a reaction from our side. Our response is measured, proportionate and fully in line with WTO rules. Needless to say, if the US removes its tariffs, our measures will also be removed.”
The EU will rebalance bilateral trade with the US taking as a basis the value of its steel and aluminium exports affected by the US measures. Those are worth €6.4 billion. Of this amount, the EU will rebalance on €2.8 billion worth of exports immediately. The remaining rebalancing on trade valued at €3.6 billion will take place at a later stage – in three years’ time or after a positive finding in WTO dispute settlement if that should come sooner.
The EU rebalancing measures will be effective for as long as the US measures are in place, in line with the WTO Safeguards Agreement and EU legislation.
The list of products on which 25% tariffs applied from Friday 22ndJune include seven fastener CN codes. They are:
- 73181410– self tapping screws of iron or steel, other than stainless (not woodscrews)
- 73181491– Spaced-thread screws or iron or steel, other than stainless
- 73181499– Self tapping screws of iron or steel other than stainless
- 73181640– Blind rivet nuts of iron or steel, other than stainless
- 73181660– Self-locking nuts of iron or steel other than stainless
- 73181692– Nuts of iron or steel, other than stainless, with inside diameter <=12mm
- 73181699– Nuts of iron or steel, other than stainless, with inside diameter >12mm
Source: Fasterner + Fixing Magazine, https://www.fastenerandfixing.com