The Steel Manufacturers Association (SMA) is cheering the recent trade deal struck between the US and the European Union, allowing for up to 3.3 million tonnes of European steel exports into the US tariff-free.
In a statement, the SMA thanked both US Commerce Secretary Gina Raimondo and US Trade Representative Katherine Tai for their work in negotiating the agreement.
“The deal sets the stage for both trading partners to work collaboratively on solving critical issues such as global excess steel capacity, diversion of unfairly traded steel imports from China through the EU and reduction of greenhouse gas emissions,” says SMA president Philip Bell.
While the SMA celebrated the trade agreement, the organisation said there is still room to narrow down the scope of European steel imports excluded from tariff duties, Kallanish understands.
“We also believe that with the additional EU volumes not subject to quota, there is a renewed need for the administration to narrow the exclusion process substantially,” Bell adds. He adds that “many exclusions will not be needed as new investments by the US industry come online.”
Zach Johnson USA