AISI lauds US/EU extended arrangement on tariff-rate quotas

The American Iron and Steel Institute (AISI) is reacting favorably to news of the latest agreement between the United States and European Union extending US tariff-rate quotas (TRQs) on steel and the EU suspension of its retaliatory tariffs into 2025, Kallanish reports.

In an accord reached this week, the US has agreed to continue suspending Section 232 tariffs on EU steel and aluminium in exchange for the EU suspension of its retaliatory tariffs through 31 March 2025 (see separate story).

“AISI welcomes the agreement by the US and EU to extend the steel TRQs and the suspension of retaliatory tariffs to allow for further negotiations toward the proposed Global Arrangement on Sustainable Steel and Aluminum,” says AISI ceo Kevin Dempsey.

He adds: “AISI continues to support the negotiation of a new international arrangement that will effectively address both non-market excess capacity in steel and the carbon intensity of steel imported from around the world, as these two related issues are critical to the future of both the US and EU steel industries.”

Global Arrangement on Sustainable Steel and Aluminum negotiations were initially set to be finalised by a self-imposed deadline of 31 October or Trump-era Section 232 tariffs would go back into effect 1 January 2024. The discussions resulted in progress, but not a final agreement, and the deadline was extended (see Kallanish passim).

Kristen DiLandro USA