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US finalizes tariff-rate quota measures for EU steel

Wednesday, 29 December 2021 14:38:09 (GMT+3)   |   Istanbul
       

The White House has published a proclamation on adjusting measures on imports of steel from the EU into the US. The US has accordingly announced the details of the tariff-rate quota (TRQ), which it will implement under Section 232 on steel products imported from the EU in accordance with the agreement reached between the parties in October this year.

Under the arrangement, only steel products that are melted and poured in the EU are eligible for in-quota treatment.  

President Biden stated that these measures will provide a long-term alternative means to address any contribution by EU steel imports to the threatened impairment of US national security by restraining steel imports to the US from the EU and strengthening the US-EU partnership in a fashion that will enable future arrangements.

The parties have agreed to expand coordination involving trade remedies and customs matters, monitor bilateral steel and aluminum trade, cooperate on addressing non-market excess capacity, and annually review their arrangement for alternative means and their ongoing cooperation. In addition, by October 31, 2023, the US and the EU will seek to conclude negotiations on global steel and aluminum arrangements to restore market-oriented conditions and support the reduction of carbon intensity of steel and aluminum production.

The US will also renew all exclusions, which were granted due to a lack of domestic availability of products in the US, that were utilized to import steel products tariff-free from the EU in the fiscal year 2021 for two calendar years.

“Proper implementation and enforcement of the TRQ will be crucial to preventing another steel import surge that would undermine our industry and destroy good paying American jobs,” Kevin Dempsey, CEO of the American Iron and Steel Institute (AISI), said.


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