Press releases » Extension of suspension of tariffs is positive outcome in EU-US dispute
Extension of suspension of EU rebalancing tariffs is positive outcome in EU-US dispute
Recent updates
Axel Eggert, Director General of the European Steel Association (EUROFER), said:
"We welcome today's decision by the European Commission to extend the suspension of its rebalancing tariffs on US products until 31 March 2025 in the context of the steel and aluminium dispute. This is a positive outcome that paves the way for resuming the discussions between the EU and the US and continuing negotiations towards a meaningful Global Arrangement on Sustainable Steel and Aluminium (GSA).
The framework will need to address global non-market excess capacity and carbon intensity in the steel industry - which are the two existential challenges affecting the sector - through close EU-US policy alignment. A structural, long-lasting solution to the Section 232 dispute will be a natural part of such framework. The legal confirmation by the US of the continuation of the Tariff-Rate Quota (TRQ) system for EU steel exports is now expected to follow soon".
Image by pressfoto on Freepik
Brussels, 25 June 2024 – The EU decision to continue the steel safeguard for another two-year period is a much-needed step towards ensuring the stability of the steel market amidst the highest levels of import penetration ever recorded in the EU. However, as global excess capacity is projected to increase even further in the coming years, a longer-term solution needs to be developed to address this structural challenge, says the European Steel Association.
Joint Statement
The existential threat posed by worsening non-market excess capacity cannot be ignored.