EU suspends import tariffs on CRMs to boost EU battery production
On 1 January 2021, the EU suspended third country import tariffs for a series of industrial products and battery materials until 31 December 2025.
The regulation puts in place zero duty rates for industrial products and battery materials which are not produced in Europe to avoid market disruptions and to promote integrated battery production in the EU. The regulation targets certain CRMs, such as magnesium and phosphorus, for which a 4% and 5.5% import tariff used to be in place. Import rates for rare earths metals, such as scandium and yttrium, have also seized to apply. Moreover, the regulation suspends import duties for a series of industrial products containing cobalt, lithium, copper, aluminum, tungsten, vanadium or titanium.
The Council regulation containing a complete list of impacted products and materials is available here.