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Trade Trends News
02-01-2024
U.S. President Joe Biden on Thursday extended the suspension of European Union steel and aluminum tariffs for two years to continue negotiations on measures to address overcapacity and low-carbon production.
The United States suspended import tariffs of 25 percent on EU steel and 10 percent on EU aluminum for two years from January 2022, replacing tariffs imposed by former President Donald Trump with a tariff quota (TRQ) system.
In retaliation, the EU imposed tariffs covering a range of U.S. goods, from Harley-Davidson (HOG.N) motorcycles to bourbon whiskey and powerboats. They have also been put on hold until after the 2025 elections on both sides of the Atlantic.
The U.S. and the EU have been seeking to reach agreement on measures to address metal overcapacity in non-market economies such as China and to promote green steel. Discussions were set to be resolved in 2023 but have stalled.
In a presidential announcement, Biden said the two sides had made "substantial progress" and were "continuing discussions".
The TRQ allows up to 3.3 million tons of EU steel and 384,000 tons of aluminum to enter the United States duty-free, reflecting past trade levels, with tariffs applying to any further amounts. The new exemptions are valid until December 31, 2025.
Biden kept tariffs for non-EU countries at current levels.
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