AISI Applauded Fresh U.S.-EU Deal to Remove Tariffs

SEATTLE (Scrap Monster): The U.S. and the European Union (EU) have agreed to ease tariffs on steel and aluminum products imposed earlier by the Donald Trump administration, in a bid to resolve the long-pending trade dispute between the two countries. It must be noted that the Biden administration and the EU have been negotiating a settlement on trade tariff for several months.

The American Iron and Steel Institute (AISI) welcomed the announcement by the Department of Commerce (DOC) and the Office of the U.S. Trade Representative (USTR) that an agreement had been reached with the EU on steel tariffs. The two sides have also agreed on joint efforts to address global excess capacity.

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In a statement, Kevin Dempsey, president and CEO of the AISI, thanked Secretary Raimondo and Ambassador Tai for their tireless efforts to implement a tariff-rate quota (TRQ) under Section 232 to prevent another steel import surge. Furthermore, he appreciated the Biden administration’s continued recognition of the American steel industry.

AISI hoped that the conclusion of the agreement will ensure that the U.S. and the EU will work on a common action plan for challenging non-market industrial policies and other government interventions. It called for active steps to hold China and other countries accountable for trade-distorting policies.