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
Inclusion requests result in 400+ additions to S232’s derivatives list
The Commerce Department has added over 400 HTS codes to the list of steel and aluminum derivative products covered under the Section 232 tariffs.
Leibowitz on Trade: The New World Orders
The question of the new world order was on many minds last week when I spoke on another SMU Community Chat. The short answer is that nobody knows in detail what the effects of all the economic and geopolitical developments will be.
Canadian agency launches OCTG import probe
Canada has launched an investigation into the alleged dumping of imports of oil country tubular goods (OCTG) by five countries – Korea, the Philippines, Turkey, Mexico, and the United States.
US and China delay reciprocal tariffs, Section 232 tariffs stand
US President Donald Trump extended the US and China’s 90-day pause on planned reciprocal tariffs on Monday.
Price on Trade: 40% Brazil tariffs, Section 232 copper program, and misplaced carbon claims
The administration continues to negotiate deals with US trading partners, and the reciprocal tariff program appears poised for further modification. This week, we focus on other important developments that may have received less media attention.