EU Says New Limits on Steel Imports Will Protect Markets

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00:00Yes, it is 10% of non-European steel that will be allowed re-entry to the European territory.

00:10Yes, it is a very, very restrictive clause that does not have precedent in Europe.

00:15But it's adequate for the situation, because the situation we now have affects 350,000 direct jobs and 1.5 million indirect jobs in Europe.

00:30The safeguard clause is WTO compatible, so it forces us Europeans to have a discussion with all our partners we trade with, including the U.S.

00:41There will be discussions. The steel sector remains open as per the agreement between the U.S. and the European Union.

00:47It's one of the sectors in which we haven't found an agreement.

00:50We want an agreement, and in the meantime there will be 50% tariffs on U.S. steel and will restrict imports from the rest of the world.

00:57I think it's fair to do it like this. We remain open, but in the meantime we're going to protect our markets.