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Korean steel industry braces for EU carbon border tariffs

Korean steel industry braces for EU carbon border tariffs
Posted : 2021-07-11 16:53
Carbon border adjustment measure scheduled to take effect in 2023
By Kim Hyun-bin
The European Union s (EU) carbon border adjustment measure (CBAM) is expected to take a toll on local steel and petrochemical companies, with the Korean government scrambling to brainstorm countermeasures before the new measure takes effect in 2023.
The measure is aimed at increasing tariffs on imported goods based on the level of carbon content, in an effort to slash carbon emissions and reduce their impact on climate change. The measure will mark the world s first tax on carbon contained in traded goods. It will be applied heavily to the production of steel, which emits large amounts of greenhouse gases relative to other industries. ....

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The Trump-era baggage that Biden is taking to Europe

Several G-7 countries are keen for Biden to scrap steel and aluminum tariffs imposed during Trump’s tenure. But the U.S. and its allies must first tackle the real problem: China. ....

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G7 criticizes subsidies driving overcapacity in steel, aluminium

Leaders of the Group of Seven (G7) countries have reaffirmed their commitment to fair trade and criticized the use of subsidies that create excess capacity, including in steel and aluminium.
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G7 rips subsidies driving steel, Al overcapacity | American Metal Market

Leaders of the Group of Seven (G7) countries have reaffirmed their commitment to fair trade and criticized the use of subsidies that create excess capacity, including in steel and aluminium.
In a joint statement issued at the virtual G7 Trade Track meeting on May 28, the governments of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States called for the start of talks to develop stronger international rules on market-distorting industrial subsidies and trade-distorting actions by state enterprises.
“We reaffirm the importance of the Global Forum on Steel Excess Capacity (GFSEC) as a forum that can help address the issue of global steel excess capacity in a multilateral framework,” the statement said. ....

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G7 Trade Ministers' Communiqué

The Joint Communiqué issued by the G7 countries at the G7 Trade Track on 28 May 2021. ....

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