by Verità&Affari editorial team
L’European Union he decided to extend until March 31, 2025 suspension of tariffs of rebalancing on US products in the context of steel and aluminum controversy. Initially implemented during the Trump presidency, the EU’s rebalancing tariffs on US exports were a response to US “Section 232” tariffs on steel and aluminium.
The EU extends the rebalancing tariff suspension in exchange for the US extending the tariff suspension for historical trade volumes reflected in the tariff quota system (TRQ) established in January 2022. Additionally, the United States agreed to provide additional tariff exclusions for EU exporters.
The extension, published today in the Official Journal of the EU, will allow EU steel and aluminum exporters to save around 1.5 billion euros in tariffs per year, according to a note from the Commission. The EU will continue to engage constructively with the United States to preserve its legal rights and permanently remove US 232 tariffs on EU exports.
“This important extension is the result of intensive engagement with the United States and serves two key EU objectives: first, we are giving our importers and exporters the market stability and business confidence to continue trading smoothly . Secondly, it provides us with the necessary space to continue pursuing the full and permanent removal of 232 tariffs on EU exports, as well as working towards address global overcapacity and decarbonisation of the steel and aluminum industries,” he commented Valdis Dombrovskis, Executive Vice President and trade commissioner. (Teleborsa)