The EU and US have reached an agreement on the trade dispute on steel and aliminium.
The European Union will extend, until 31 March 2025, the suspension of its rebalancing tariffs on US products in the context of the steel and aluminium dispute. In change, the US will extend the suspension of its tariffs for historical trade volumes that are reflected in the Tariff-Rate Quota (TRQ) system established in January 2022. In addition, the US agreed to provide for further exclusions from the tariffs for EU exporters.
The extension, published in the Official Journal of the EU, will result in EU steel and aluminium exporters saving approximately €1.5 billion in tariffs annually. The US must complete its own procedures to extend its TRQ system for EU exports of steel and aluminium as of 1 January 2024. This prolonged suspension of tariffs gives businesses on both sides of the Atlantic certainty, facilitating the smooth flow of trade.