Posted on 21 Dec 2023
After reaching an agreement with the US, the European Union (EU) said on Tuesday (December 19, 2023) that it has decided to extend the suspension of its rebalancing tariffs on US products until March 31, 2025.
The extension of the rebalancing tariffs is to exchange the US extending the suspension of its tariffs for historical trade volumes reflected in the tariff-rate quota (TRQ) system established in January 2022. The EU said the extension could save around EUR 1.5 billion in tariffs annually for EU steel and aluminum exporters.
As of January 1, 2024, the US must complete its process to extend its TRQ system for EU exports of steel and aluminum.
The EU rebalancing tariffs on US exports to the EU of a value of EUR 2.8 billion were imposed during the Presidency of Donald Trump, in response to the US Section 232 tariffs on steel and aluminum, which was introduced in 2018 on EU’s steel and aluminum exports with a worth of EUR 6.4 billion.
To have time to work together on long-term solutions, the EU fully suspended these measures in 2022 until December 31, 2023.
Source:Yieh
