November 3, 2021
GLOBAL STEEL AND ALUMINUM AGREEMENT REACHED BETWEEN U.S. AND EU
The United States and the European Union have successfully negotiated an agreement regarding Section 232 trade tariffs on imported aluminum and steel.
Effective December 1, the United States will replace the existing tariffs on EU steel and aluminum products with a tariff-rate quota (TRQ). Under the TRQ arrangement, historically based volumes of EU steel and aluminum products would enter the U.S. market to meet the demands of downstream users without the application of Section 232 tariffs.
In response, the EU will remove billions of dollars worth of retaliatory tariffs on US goods that were set to increase next month. In addition, the U.S. and the EU have agreed that both sides will suspend the WTO disputes against each other and launch a cooperative effort for a future global arrangement on sustainable steel and aluminum. Read the United States Trade Representative Fact Sheet here.
If you have any questions about this or any other trade matter, please be sure to contact us.
Effective December 1, the United States will replace the existing tariffs on EU steel and aluminum products with a tariff-rate quota (TRQ). Under the TRQ arrangement, historically based volumes of EU steel and aluminum products would enter the U.S. market to meet the demands of downstream users without the application of Section 232 tariffs.
In response, the EU will remove billions of dollars worth of retaliatory tariffs on US goods that were set to increase next month. In addition, the U.S. and the EU have agreed that both sides will suspend the WTO disputes against each other and launch a cooperative effort for a future global arrangement on sustainable steel and aluminum. Read the United States Trade Representative Fact Sheet here.
If you have any questions about this or any other trade matter, please be sure to contact us.
