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

U.S. announces new measures to restrict China’s access to American chips

The Biden administration is planning to halt shipments to China of advanced artificial intelligence (AI) chips designed by Nvidia and other companies as part of efforts to prevent Beijing from acquiring cutting-edge U.S. technologies for military use. The rules, effective within 30 days…

Saudi Arabia’s Acwa signed green hydrogen deals with six Italian companies including Eni

Saudi Arabia’s private utility developer, Acwa Power, has signed a series of partnership agreements with six Italian companies to explore the development of green hydrogen and water desalination projects. These agreements were signed during the Saudi-Italian Investment Forum held in Milan. The collaborations will involve research and development activities and the exchange of expertise.

Indian oil refiners boost US crude imports amid tighter sanctions on Russia

India is taking steps to enhance its liquefied natural gas (LNG) infrastructure with the purchase of the inaugural shipment for its latest LNG terminal, the Chhara terminal, located in Gujarat state. Gujarat State Petroleum Corp. has released a tender to procure a commissioning cargo for delivery in April…

Stay informed

error: Content is protected !!