Joe Biden extends EU steel, aluminium tariff exemption for 2 years

The US had suspended import tariffs of 25 per cent on EU steel and 10 per cent on EU aluminium for two years from January 2022

The US and the EU had been seeking agreement measures to address excess metal production capacity in non-market economies, such as China

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US President Joe Biden at the White House in Washington. Photo: Abaca Press / TNS

Published: 3:11am, 29 Dec 2023

US President Joe Biden on Thursday extended the suspension of tariffs on European Union steel and aluminium for two years to continue negotiations on measures to address overcapacity and low-carbon production.

The United States suspended import tariffs of 25 per cent on EU steel and 10 per cent on EU aluminium for two years from January 2022, replacing the tariffs imposed by former president Donald Trump with a tariff rate quota (TRQ) system.

EU tariffs, imposed in retaliation, covered a range of US goods from Harley-Davidson motorcycles to bourbon whiskey and power boats. Those have also been shelved until 2025, after elections on both sides of the Atlantic.

The United States and the European Union had been seeking agreement measures to address excess metal production capacity in non-market economies, such as China, and to promote greener steel. The discussions were supposed to be resolved by 2023 but had stalled.

In a presidential proclamation, Biden said the two sides had made “substantial progress” and were “continuing their discussions.”