Government/Policy
June 1, 2023
US, EU Affirm Intent to Reach Steel, Aluminum CO2 Deal by October
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
