The United States and the European Union have signed a steel agreement

The European Union and the United States have signed a declaration to jointly address shared challenges in the steel and aluminum sectors.

This solution, among other things, replaces global high capacity and the current ten and 25 percent import tariffs (introduced by Trump in 2018) with a tariff allocation (TRQ) arrangement based on historical quantities. In light of the COP26 negotiations, the settlement between the United States and the European Union in support of the global low-carbon industry is a first important step.

The resolution, which is based on historical volumes, does not mean that the first 3.3 million tonnes of steel imported into the United States is subject to tariffs. The 25 per cent rate still applies to all imports above that amount. The same rules apply to aluminum.

StalvereniKing Eurofer Welcome to the report. “This could be the starting point for a new Atlantic partnership that will tackle the barriers of global trade and climate change together and address the ties between the two,” said Eurofer Director-General Axel Eggert. “Government-sponsored steel production and capacity built with CO2-intensive technologies make a significant contribution to climate change. The global steel industry is responsible for nearly ten percent of global direct and indirect CO2 emissions, while the low-CO2 intensive EU steel industry is only about 0.5 percent to start COP26 negotiations. Already, the settlement between the United States and the European Union is the first major commitment to a global, market-based and low-carbon industry. ‘

“With regard to US import taxes on steel, it is important for EU steel producers exporting to the United States to introduce new rules, a tariff system (TRQ) that takes into account the EU’s traditional export volume within existing standard. Existing product exemptions for EU steel producers must be maintained or extended , “Mr. Eckert continued.