Biden extends EU steel, aluminum tariff exemption for 2 years
Reuters
Published Dec 28, 2023 01:49PM ET
WASHINGTON (Reuters) - U.S. President Joe Biden on Thursday extended the suspension of tariffs on European Union steel and aluminum for two years to continue negotiations on measures to address overcapacity and low-carbon production.
The United States suspended import tariffs of 25% on EU steel and 10% on EU aluminum for two years from January 2022, replacing the tariffs imposed by former President Donald Trump with a tariff rate quota (TRQ) system.
EU tariffs, imposed in retaliation, covered a range of U.S. goods from Harley Davidson motorcycles to bourbon whiskey and power boats. Those have also been shelved until 2025, after elections on both sides of the Atlantic.
The United States and the European Union had been seeking agreement measures to address excess metal production capacity in non-market economies, such as China, and to promote greener steel. The discussions were supposed to be resolved by 2023 but had stalled.
In a presidential proclamation, Biden said the two sides had made "substantial progress" and were "continuing their discussions."
The TRQ allows up to 3.3 million metric tons of EU steel and 384,000 tons of aluminum into the United States tariff-free, reflecting past trade levels, with the tariffs applying for any further amounts. The new exemption applies through December 31, 2025.
Biden kept tariffs fixed at the current level for non-EU countries.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.