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The USA and EU drafting a global agreement for the steel market

According to the USA presidential administration, US and EU officials will continue to negotiate a global agreement on steel and aluminum to restore real market conditions in these sectors and support the reduction of carbon dioxide emissions from the steel and non-ferrous metals industry.

The USA and EU drafting a global agreement for the steel market

The intention of the USA and EU to draft such an agreement was announced in October 2021. Then it was announced that it would offer a solution to the problem of excess production capacity in non-market economies.

The parties decided to establish a technical working group to realize such an agreement and are currently inviting market countries with similar views to participate in this work. In the statement made by the US presidential administration, it is stated that the final document will be prepared by October 31, 2023.

This deal is seen as the next step after the US and EU agreed to replace steel tariffs on European steel and aluminum producers with quotas that will come into effect on 1 January 2022.

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