Russian Prime Minister Mikhail Mishustin yesterday confirmed the announced export tax on ferrous and non-ferrous metals. Germany is planning tax gifts worth billions to domestic steel producers. And the euro zone is recovering faster than expected.
Russian export tax on metals confirmed
Russian Prime Minister Mikhail Mishustin signed a decree introducing export duties on ferrous and non-ferrous metals from Aug. 1 to Dec. 31, 2021, the Cabinet press service said Friday.
Base rate plus specific component per ton
“The tariffs will be composed of the base rate (15%) and the specific component (in dollars per ton). The value of the latter will be calculated depending on the type of metal (for non-ferrous metals) or the degree of transformation of the products (for ferrous metals), depending on the global price dynamics at the end of the five months of 2021,” the press service said.
German Steel Action Plan: more gifts for EU steelmakers
After we had already pointed out the problematic and protectionist Steel Action Plan of the German Ministry of Economics in March, it is now being discussed again in concrete terms in the political arena.
Overprotected European steel industry
After the European steel producers have already been gifted with the planned extension of the EU Safeguards for 3 years and the European Carbon Border Adjustment Mechanism (CBAM) provides extensive subsidy gifts, the German government represented by Economics Minister Altmaier, wants to give even more generous gifts to its own steel producers.
Steel action plan with generous tax gifts
The Steel Action Plan provides, among other things, for the green transformation of the German steel industry to be paid for almost entirely by domestic taxpayers, if necessary. And to continue to provide steel producers with free emission allowances. This is a mockery in view of the fact that the German Federal Court of Justice has just compelled the German government to do more for the environment.
Eurozone recovers faster than expected
The eurozone is recovering faster than previously expected, but still needs fiscal and monetary support to ensure the pandemic doesn’t leave scars. That’s what European Central Bank chief Christine Lagarde told European Union leaders Friday.
“Eurozone GDP is recovering and will return to pre-pandemic levels by the first quarter of 2022, a quarter earlier than expected in the spring,” Lagarde told the leaders, according to an official familiar with the talks.
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