|Author (Corporate)||European Commission, Federal Government of the United States|
|Content Type||Blog & Commentary, News, Overview|
The European Union (EU) and the United States of America (USA) agreed on 31 October 2021 to take steps to re-establish transatlantic trade flows in steel and aluminium, and to strengthen their partnership and address shared challenges in these sectors.
In June 2018, the US administration introduced tariffs on European steel and aluminium exports, and further tariffs in January 2020 affecting EU exports of certain derivative steel and aluminium products. On both occasions, the EU introduced measures to respond to those tariffs. One last set of EU measures was scheduled to come into force on 1 June 2021, but were later suspended until 1 December to give space for the parties to work together on a longer-term solution.
Following this agreement, such measures would no longer be introduced. Both sides agreed to re-establish trade flows in steel and aluminium, and as part of strengthening their partnership, the EU and US decided to launch negotiations on a global arrangement to address carbon intensity and global overcapacity. This was also called the Global Arrangement on Sustainable Steel and Aluminium. The parties also agreed to pause the bilateral WTO disputes on steel and aluminium.
|Subject Tags||External Trade | Trade Agreements|
|Countries / Regions||United States|
|International Organisations||European Union [EU]|