U.S., EU discussing new tariffs focused on Chinese steel

The United States and the European Union are reportedly in discussions to establish new tariffs aimed at addressing excess steel production, with a primary focus on imports from China that are believed to benefit from non-market practices.

While the scope of these measures, including other countries that may be targeted and the specific tariff rates, is still being deliberated, the aim is to curb the impact of steel overcapacity on global markets.

This initiative is part of the broader Global Arrangement on Sustainable Steel and Aluminum, a negotiation that has been ongoing between the EU and the Biden administration since 2021. The goal is to reach a comprehensive agreement within this framework by October 2023.

The 2018 imposition of tariffs by then-US President Donald Trump, which included a 25% tariff on steel imports and a 10% tariff on aluminum imports, was intended to protect domestic producers and led to a significant trade dispute with the EU.

However, in 2021, both parties decided to resolve this dispute and instead focus on the global arrangement. This arrangement aimed to allow limited volumes of EU-produced metals to enter the United States without tariffs while retaining the disputed tariffs on other imports.

The ongoing discussions aim to devise a more comprehensive approach to address steel overcapacity, particularly concerning imports from China. The precise details of these new tariffs and their potential impact on the global steel trade will depend on the outcomes of these negotiations.

Elevate your business with QU4TRO PRO!

Gain access to comprehensive analysis, in-depth reports and market trends.

Interested in learning more?

Sign up for Top Insights Today

Top Insights Today delivers the latest insights straight to your inbox.

You will get daily industry insights on

Oil & Gas, Rare Earths & Commodities, Mining & Metals, EVs & Battery Technology, ESG & Renewable Energy, AI & Semiconductors, Aerospace & Defense, Sanctions & Regulation, Business & Politics.

By clicking subscribe you agree to our privacy and cookie policy and terms and conditions of use.

Read more insights

China’s renewable generation pace can’t keep up with electricity demand

In September, China experienced a surge in electrical generation, setting a seasonal record, as its economy rebounded from pandemic-related disruptions and lockdowns. The National Bureau of Statistics reported an increase of nearly 63 billion kilowatt-hours (kWh), up…

China’s CNOOC considering bid for Shell’s Singapore refinery

Several Chinese companies, including the state-owned China National Offshore Oil Company (CNOOC), are reportedly exploring Shell’s Singapore assets and considering non-binding bids for the city-state’s oldest refinery, which Shell is looking to sell as part of its global…

Southeast Asia renewable investments to exceed $76 billion between 2023 and 2025

Southeast Asian national oil companies (NOCs) and traditional upstream players are increasingly focusing on cleaner and more environmentally friendly energy initiatives, with investments projected to exceed $76 billion from 2023 to 2025, and a total expected outlay of $119 billion by the end of 2027. These investments are primarily directed towards wind, solar, and geothermal projects, reflecting a growing commitment to sustainable energy development in the region.

Stay informed

error: Content is protected !!