The European Union (EU) announced on Tuesday the extension of suspended tariffs on US aluminum and steel products. The extension of the negotiations will be active until March 31, 2025.
US Trade Representative (USTR) Katherine Tai expressed her pleasure with the EU’s decision.
“I am glad the EU has announced that it is taking steps to join us in extending the time for these negotiations and will follow our recommendation by continuing to suspend its tariffs on US products,” Tai said in a statement.
Negotiators did not meet the original Oct. 31, 2023, deadline for reaching an agreement on a Global Arrangement on Sustainable Steel and Aluminum.
Recall the EU implemented the tariffs in response to the US’s Section 232 tariffs on steel and aluminum. However, the EU tariffs were suspended in October 2021 as an agreement to renegotiate the Global Arrangement.
Kevin Dempsey, president and CEO of the American Iron and Steel Institute (AISI) voiced AISI’s support in a statement. He stated that the negotiations “will effectively address both non-market excess capacity in steel and the carbon intensity of steel imported from around the world.”
The Steel Manufacturers Association (SMA) also issued a statement. “We hope that the extended TRQs (tariff-rate quotas) send a signal to the EU that the US is solution focused when it comes to the global arrangement discussions,” SMA president Philip K. Bell said.
“I think this is a good-faith gesture and demonstrates that there is no need to radically alter how the US currently handles the TRQs,” Bell said.
The US will continue to utilize TRQs for EU steel and aluminum, according to the EU commission. Also, the US “agreed to provide for further exclusions from the tariffs for EU exporters,” the EU said.
Becca MoczygembaRead more from Becca Moczygemba
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