GCC steel expects greater protectionism to support home economies

摘要

Expect Gulf Cooperation Council countries to take increased protectionist stance for their steel markets as they try to stabilize their local economies amid the coronavirus pandemic, market participants said June 4. Various protectionist measures are currently being implemented across GCC countries, mainly Saudi Arabia and the UAE. For example, the Saudi General Customs Authority announced an increase in import tariffs for a wide range of import products, including steel, effective June 10.