Trade Cases
US, EU Affirm Intent to Reach Steel, Aluminum CO2 Deal by October
June 1, 2023
The US and EU affirmed their intention to reach a common framework on carbon emissions in steel and aluminum by October at the Trade and Technology Council (TTC) meeting in Luleå, Sweden, on Wednesday.
At the meeting the EU and US said that via the Transatlantic Initiative for Sustainable Trade they are “strengthening engagement towards a transatlantic green marketplace.”
“The ongoing work on a Global Sustainable Arrangement for Steel and Aluminum shows our resolve to rise to this challenge with a view to achieve an ambitious outcome by October 2023,” the US and EU said in a joint statement released by the Commerce Department.
Recall that in late 2021 the US and EU agreed to scale back Section 232 tariffs on EU steel and aluminum imports into the US. They also agreed to begin a negotiation that would lead to an agreement on joint action to reduce CO2 emissions and overcapacity in steel and aluminum. If a deal is not reached by October, US tariffs on steel and aluminum from Europe could be resumed.
Some other issues discussed at the TTC included the ongoing war in Ukraine, climate change, and artificial intelligence.
The fourth ministerial meeting of the TTC was co-chaired by European Commission (EC) EVP Margrethe Vestager, EC EVP Valdis Dombrovskis, US Secretary of State Antony Blinken, US Secretary of Commerce Gina Raimondo, and US Trade Representative Katherine Tai. They were joined by European Commissioner Thierry Breton.
By Ethan Bernard, ethan@steelmarketupdate.com
Latest in Trade Cases
Price on Trade: IEEPA tariffs head to the Supreme Court, DOJ ramps up trade enforcement
International trade law and policy remain a hot topic in Washington and beyond this week. We are paying special attention to the ongoing litigation of the president’s tariff policies and the administration’s efforts to heighten trade enforcement.
Mexico considers stiff tariffs for steel, autos, and other imports
Mexico is considering imposing steep tariffs on imports of steel, automobiles, and over 1,400 other products. Its target? Countries with which it does not have free trade agreements, mainly China, India, Thailand, and other South Asian nations.
Leibowitz: With ‘reciprocal’ tariffs struck down again in court, what happens next?
President Trump’s “reciprocal” tariffs under the International Emergency Economic Policy Act (IEEPA) were struck down again, this time on Aug. 29 by the Court of Appeals for the Federal Circuit (CAFC). The legal and policy mess continues, with the next stop being the US Supreme Court.
Market unfazed by US circuit court’s IEEPA decision
Repealing any reciprocal tariffs placed by President Donald Trump on US imports of direct reduced iron (DRI), iron ore, hot-briquetted iron (HBI), and pig iron would have only a nominal impact on the US steel market, market participants said.
ITC votes to keep HR duties after sunset review
The US government determined this week that hot-rolled steel imports from a handful of countries continue to threaten the domestic steel industry.