We have been receiving the first reactions to the announced extension of the EU Safeguard measures on steel since Friday.
If you missed it: The European Union had declared on Friday, June 11, 2021, to extend the existing Safeguard measures by three (3) years and to increase the import quotas by only 3.00% per year.
In the steel consuming downstream industry the biggest indignation is spreading about this political arbitrariness from Brussels. Or what else can you call it when clear facts are deliberately disregarded.
Error in the Safeguard notification?
The notification of the European Union to the WTO seems to have been published in a hurry. After the first review, we already noticed possible errors in the calculation in at least two cases.
Mixed up numbers and therefore incorrect justification
Interested parties are welcome to read this in tables 5 and 6 of the EU notification. If you compare both tables carefully, you will notice that the values from Table 5 have been transferred incorrectly to Table 6. And the values in the 2020 column have been swapped with those from 2018 and subsequently calculated incorrectly.
Update: EU must correct Safeguard mistake
Still on Monday, the European Union had to correct its error in the Safeguard calculations to the WTO. Only a few hours after we had pointed it out.
What else could be wrong in the safeguard notification?
This can no longer be a mere formal error, as the incorrect calculation was included in the justification for the extension of the Safeguard measures by the EU.
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