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US and EU fail to reach agreement on Section 232 tariffs, aim for deal later this year

Friday, 20 October 2023 23:06:52 (GMT+3)   |   San Diego
       

Representatives from the US and European Union failed to reach an agreement today on steel and aluminum tariffs, although news reports indicate a deal could be reached over the next few weeks or months.

Trade representatives from the EU were aiming to find a way to permanently end the 25 percent tariff on US steel imports and 10 percent tariff on aluminum first imposed in 2018 under Section 232. Other topics were to include lessening the impact on the US’ Inflation Reduction Act (IRA).

Currently, the Section 232 tariffs on steel and aluminum imports from the EU are suspended, but the suspension was predicated on agreeing to measures to address overcapacity in countries such as China. Trade representatives set an end of October deadline, but negotiators are reportedly now targeting the end of the year for a deal.

News reports indicate that US representative want the EU to apply tariffs to steel imports from China, but the EU said it must wait for the conclusion of a year-long investigation into such imports in order to comply with World Trade Organization rules.

In a statement regarding the failure to reach an agreement, AISI president and CEO Kevin Dempsey said that the US steel industry “appreciates” the US government’s “ongoing efforts to negotiate a new international arrangement to address both non-market excess capacity in steel and the carbon intensity of steel imported from around the world.”

Dempsey said the AISI is “disappointed” that the European Union “has not been prepared to agree to US proposals to establish new trade measures that can effectively address these two key issues, which are critical to the future of both the US and EU steel industries.”


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