AISI Welcomed US-EU Agreement on Extension of Steel TRQs

SEATTLE (Scrap Monster): The American Iron and Steel Institute (AISI) issued a statement in response to the statement released by the European Union (EU) on US-EU agreement to extend steel tariff rate quotas (TRQs).

The EU had decided to extend its suspension of its rebalancing tariffs on US products in the context of the steel and aluminium dispute until 31st March, 2025. The EU rebalancing tariffs on US exports were initially implemented during the rule of Donald Trump in response to the US Section 232 tariffs on steel and aluminum.

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The extension of the suspension of rebalancing tariffs is in return for the U.S. decision to extend the suspension of its tariffs for historical trade volumes. Also, the U.S. had granted further exclusions from the tariffs for EU exporters.

In a statement, Kevin Dempsey, president and CEO, AISI welcomed the agreement by the U.S. and EU to extend the steel TRQs and the suspension of retaliatory tariffs to allow for further negotiations. AISI will continue to support the negotiation of a new international arrangement, which it believes, will address both non-market excess capacity in steel and the carbon intensity of steel imported from around the world, it said.

AISI noted that President Biden is likely to issue a formal proclamation by end-2023 on extending the TRQs until the end of 2025.