It has been reported that President Joe Biden has officially extended tariff exemptions on steel and aluminum products imported from European Union (EU) member countries to the US until 2025. According to the scheme announced on the White House website, steel products from the EU will be subject to a specific tariff rate quota (TRQ) and this regulation will be valid until December 31, 2025. The US and the EU have agreed on a TRQ volume of 3.3 million tons.
Those measures will replace the 25% tariff on EU steel and were announced as issues related to global arrangements focused on sustainable steel and aluminum production continue. The EU had previously postponed retaliatory measures against the US Section 232 tariffs until March 31, 2025.
President Biden highlighted that the US and the EU have made significant progress over the past two years to address the sources of non-market overcapacity and correct distortions in the steel and aluminum sectors. He also emphasized that the global steel and aluminum regulatory framework aims to reduce greenhouse gas emission intensity and restore market-oriented conditions in the sector.
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