Colombia issued Decree 1294 of October 18, 2024, to adopt new tariffs on imports of wire rods from countries without trade agreements with Colombia. An additional ad valorem tariff of 30% will be imposed on top of the current 5% most favored nation tariff, so the total tariff will be 35%, the maximum tariff rate allowed under the World Trade Organization (WTO) regulations.

The products involved are wire rods of iron or non-alloy steel or other alloy steel, with a circular section with a diameter of less than 14 mm, with a carbon content of less than 0.45% by weight, classified under HS codes 7213.91.10.10, 7213.91.90.10, 7227.90.00.11, and 7227.90.00.91.

The measure is valid for a period of two years, effective on the day following the date of the publication in the Official Gazette.

The new tariff is at the request of Acerías Paz del Río S.A., which asked for a safeguard measure to protect nearly 50,000 jobs.

According to statistics from the Ministry of Commerce, during the period analyzed, the share of wire rod imports from countries without a trade agreement in force increased by nearly 9%, with prices dropping by 16.7%. Besides, their sales prices were 1.91% to 13.35% lower than the Colombian product value.

Therefore, the safeguard measure can guarantee fair competition for the domestic industry and avoid unfair trade practices and increased imports at dumped prices, said Luis Carlos Reyes Hernández, the Minister of Commerce, Industry and Tourism.