US President Joe Biden has formally adjusted the nation’s tariff-rate quota agreement for steel imports from the European Union.
In a document published by the Executive Office and obtained by Kallanish, President Biden has finalised his proclamation declaring a tariff-rate volume quota allowing for 3.3 million tonnes of steel products from the EU to be imported into the US duty-free. Meanwhile, any additional steel shipments above this volume will be subject to a 25% duty.
According to the president, these adjustments were made to strengthen the relationship between the US and EU, while also helping limit transshipment and reduce excess steel production.
“In light of my determination to adjust the tariff [sic] applied to eligible steel articles imported from the EU, I have considered whether it is necessary and appropriate in light of our national security interests to make any corresponding adjustments to such tariff as it applies to other countries. I have determined that it is necessary and appropriate, at this time, to maintain the current tariff level as it applies to other countries,” President Biden adds in his proclamation.
The tariff-rate quota agreed upon with the EU will be subject to all exclusions granted by the US Department of Commerce during fiscal year 2021, and will be renewed for the next two years. By October 2023, President Biden hopes the US and EU will work to negotiate new global steel arrangements in order to help restore market-oriented conditions.
Zach Johnson USA