EU and US Reach Steel and Aluminium Trade Deal

Minor Bulks, Steel

The EU and US have reached an interim agreement to end a dispute on steel and aluminium trade while they work towards a broader trade deal covering the steel and aluminium sectors, according to official statements. The interim deal will see the removal of US import tariffs on EU steel and aluminium products, currently 25% and 10%, respectively, and the end of retaliatory EU tariffs on US products. At 2.5 Mt, the EU accounted for 11.5% of US steel imports in January-September, official data show.

Intended for completion by 2024, the comprehensive trade agreement will include protections against low-cost imports as well as new environmental measures targeting carbon-intensive “dirty steel”.