The US has determined that specified volumes of steel product imports from the European Union will no longer threaten to impair national security, according to a statement by US President Joe Biden. Therefore, the tariff-rate quotas (TRQs) for steel and aluminum imports allocated to the EU have been extended for another two years until December 31, 2025.
The tariff-rate quota volume specified in the 2021 agreement between the United States and the EU, totaling 3.3 million mt, remains consistent with the objective of reaching and maintaining a sufficient capacity utilization rate in the US domestic steel industry, Biden said.
“AISI welcomes the Biden administration’s action to extend the TRQs on EU steel for two years to allow additional time for negotiations on the proposed Global Arrangement on Sustainable Steel and Aluminum. The American steel industry strongly supports the administration’s efforts to establish new mechanisms to address effectively global non-market excess capacity in steel and the higher carbon intensity of imported steel versus clean American steel,” Kevin Dempsey, president and CEO of the American Iron and Steel Institute (AISI), commented.
The European Commission previously indicated that the EU would continue to engage constructively with the US to preserve its legal rights and remove the US Section 232 tariffs on EU exports for good, as SteelOrbis reported earlier.