GCC puts safeguard tariff on some iron and steel products

The Gulf Cooperation Council (GCC) states will impose a safeguard tariff of $169 per tonne on imports of certain iron and steel products from May 15, the GCC countries said in a filing published by the World Trade Organization on Monday.

The three-year tariff on clad, plated or coated flat-rolled products of iron or non-alloy steel, of a width of 600 mm or more, will fall to $153 per tonne in the second year and to $137 per tonne in the third year.

Last year, the GCC countries had said they were exploring the case for safeguard tariffs, which are temporary, emergency tariffs that the WTO allows if a particular industry is hit by a sudden, damaging and unforeseen surge in imports, Reuters reported.