December 4, 2021

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The United States and the European Union have signed a steel agreement

The United States and the European Union have signed a steel agreement

The European Union and the United States have signed a declaration to jointly address shared challenges in the steel and aluminum sectors.

The United States and the European Union have signed a steel agreement

The solution, among other things, is to replace the global high-capacity and current ten and 25 percent tariffs (introduced by Trump in 2018) and handle the tariff allocation (TRQ) arrangement based on historical volumes. In the light of the COP26 negotiations, the settlement between the United States and the European Union in support of the global low-carbon industry is a first important step.

The determination, based on historical volumes, is not subject to the first 3.3 million tons of European steel taxes imported into the United States. The 25 per cent rate still applies to all imports above that amount. The same rules apply to aluminum.

StalvereniKing Eurofer Welcome to the report. “This could be the starting point for a new Atlantic partnership that will tackle the barriers of global trade and climate change together and address the ties between the two,” said Eurofer’s Director-General Axel Eggert. “Government-supported steel production and capacity built with CO2-intensive technologies make a significant contribution to climate change. Before embarking, the settlement between the United States and the European Union was the first major commitment to a global, market-based and low-carbon industry.

With regard to US steel import tariffs, it is important for EU steel manufacturers exporting to the United States that the new rules, the introduction of a tariff quota (TRQ), take into account the EU’s traditional export standards within a standard framework. Existing product exemptions for EU steelmakers will be maintained or extended, Mr Eckert continued.

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