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
Steel groups voice different takes on US-EU trade deal
US and European steel trade groups were at odds over their reaction to the recent trade deal President Trump brokered with the EU.
Here’s what’s up next in the big coated steel trade case
Attorneys representing domestic petitioners and foreign respondent companies have been busy filing case briefings and making rebuttals as the corrosion-resistant steel unfair trade investigations begin to wind down.
Price: Which countries get a ‘zonk’ in Trump’s primetime ‘Let’s Make a (Trade) Deal’ show?
As the president’s August 1 tariff deadline approaches, the “Let’s Make a Deal” game show returns to primetime (the Monty Hall version, of course). As the administration begins rolling out trade deals, we are starting to see what’s behind door number one and who is getting a “zonk.”
Trump says Canada deal might not happen: Report
President Trump said a negotiated deal with Canada might not occur, and all existing tariffs, along with those set to take effect soon, will stay in place, according to media reports.
Steel trade groups applaud Trump’s S232 tariffs
Five trade organizations involved with North American steel have praised President Trump’s Section 232 tariffs on steel for helping the domestic industry.