The Steel Manufacturers Association (SMA) is celebrating the recent proclamation made by President Joe Biden formalising a tariff-rate quota agreement for steel imports from the European Union.
In a recent statement obtained by Kallanish following the proclamation, the SMA expressed pleasure with the implementation of a quota agreement allowing with the EU, allowing for up to 3.3 million tonnes of European steel exports into the US tariff-free through 2023.
“As steel imports are increasing and capacity utilisation has dipped in recent months, it is essential that the implementation, administration and enforcement of this new agreement is done in a manner that continues to support American steel companies and workers…We commend the fact that this agreement includes provisions to help ensure that only steel that is melted and poured in the EU will be eligible for tariff-free status,” says SMA president Philip Bell.
Along with providing protection to the domestic industry from tariff-free imports, the SMA celebrated the agreement for its emphasis on reducing global carbon emissions. According to the association, this agreement may help incentivise other countries to follow American steelmakers’ approach to sustainable steelmaking and carbon-reduction initiatives.
Zach Johnson USA
