Mubasher: The GCC counties are planning to impose a $169 per tonne tariff on iron and steel imports as of 15 May.
The projected tariff will be imposed on “on clad, plated, or coated flat-rolled products of iron or non-alloy steel, of a width of 600 millimetres or more” in three years, according to an official statement published by the World Trade Organization (WTO).
The new tariff will be decreased to $153 per tonne in the second year and then to $137 in the third, the WTO reported.
Earlier this day, the US announced that it has extended steel and aluminum tariff exemptions for its trading partners, which was planned to be ended on 1 May.
