EU Launches New Import Surveillance Tool to Track Large Trade Disruptions
The European Commission on June 4 set up a new surveillance tool to shield the EU against "sudden and potentially disruptive surges in imports." The tool provides the commission with "fact-based information building on customs data," enabling it to take action against import surges that occur when a "significant amount of goods that cannot enter other markets due to high tariffs and other restrictions are redirected into the EU."
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The commission is asking EU manufacturers, industry associations and member state governments to review the import trend data on the tool's website and provide supplemental data. In addition, the commission is setting up a "dialogue with China to track possible trade diversion and ensure that any notable developments are duly addressed."
The new tool expands on the commission's initiative to create an import surveillance task force to protect EU industries, it said. The task force is charged with "addressing the challenges posed by trade diversion, particularly in the wake of recent turbulence in the global trading system."