The European Automobile Manufacturers' Association (ACEA) said Wednesday that it is most concerned about the inflationary impact that an effective continuation of the European Commission's steel safeguard system will have on European market prices.
ACEA warned that changes to key safeguard parameters will significantly reduce the possibility of relieving pressure on the European market through imports.
In addition, a new rule of origin based on the "melt and pour" principle will further restrict imports and create a massive administrative burden for European users of imported steel products.
The commission needs to look individually at sectors such as automotive where, despite a heavy reliance on domestic steel supply, manufacturers still need to import certain quantities and qualities. Quotas for automotive grades have consistently been rapidly exhausted over the last seven years of the safeguard. The commission also needs to understand the complexity of applying the "melt and pour" rule of origin in deep and global supply chains such as automotive.
The European Commission unveiled a plan on Tuesday to protect the steel industry of the bloc, with measures including the dramatic lowering of tariff-free import quotas, the doubling of the out-of-quota tariff to 50 percent and a new rule of origin.
EU steel safeguard plan risks higher prices: auto makers
EU steel safeguard plan risks higher prices: auto makers
EU steel safeguard plan risks higher prices: auto makers
Voting for the election of the eighth-term Legislative Council (LegCo) of China's Hong Kong Special Administrative Region (HKSAR) concluded on Sunday night.
Voting for the election began at 07:30 a.m. local time on Sunday. More than 600 polling stations were opened across Hong Kong, serving approximately 4.13 million registered voters.
Long queues had already formed outside multiple polling stations across Hong Kong before the polls opened. At polling station entrances, staff and volunteers attentively assisted voters with the procedures. Some voters posed for a photo holding a thank-you card given by staff after casting their ballot.
"As a Hong Kong citizen, I think it's my responsibility to vote, and I don't want to give up my rights. That's why I come here to support," a voter said.
"We actually flew in from Thailand. Learning today is a special day to vote, we actually canceled all our appointments and canceled everything, and we flew in with the whole family just to be part of Hong Kong and to vote, and to cast our vote and be part of the community," said another voter.
HKSAR Chief Executive John Lee cast his ballot at around 08:30 a.m. at Raimondi College on Robinson Road. He said that the LegCo election is of great importance to Hong Kong's overall development and future reforms, and it also represents the expectations of Hong Kong society.
A number of voters said they look forward to the new term of the Legislative Council taking greater responsibility in advancing Hong Kong's economy, society, and public welfare.
"I think an area of focus I'd like to see is, one is the economy, and secondly is youth mobility and youth policies. I think youth are the future, and it's very important to get unity within the youth and also give us hope, right? The youth in general -- what can we do to, for us as youth, to partake in civil society and to show our responsibility, but also from the government, like, what kind of policy that can help us do that as well," said a young voter.
"I hope that there will be more fair education in the sense that even people from the poor family, they can actually receive good education in good schools," another voter said.
The new term of LegCo will be composed of 90 members, including 40 elected by the Election Committee, 30 elected by functional constituencies, and 20 elected by geographical constituencies through direct elections.
The eighth-term LegCo of the HKSAR will commence its four-year term on Jan 1, 2026.
Voting for 8th-term HKSAR LegCo election concludes
