May 26, 2023
Biden highlights US-EU steel trade
2023-06-12
US President Joe Biden has highlighted a blossoming trade relationship between the US and EU following negotiations for the world’s first emissions-based trade arrangement for steel and aluminium products agreed during the first year of his presidency.
“We are working closely with international partners to build more resilient and reliable supply chains for critical minerals used in products like electric vehicle batteries. We are also deepening our cooperation with the European Union – negotiating the world’s first emission-based trade arrangement on steel and aluminum to reward fair trade, promote clean manufacturing, and generate good jobs on both sides of the Atlantic,” Biden writes.
In October 2021, the US and EU issued a joint announcement declaring a duty-free entry rate for the importing of EU steel products into the US with a tariff rate quota set at a volume of 3.3 million tonnes. Kallanish understands that Biden believes his administration’s goals align with the interests of European trade partners and that a mutual understanding can be reached that would benefit, and protect, all countries.
“At the same time,” adds Biden, “the United States and the European Union are collectively addressing unfair competition from non-market economies and authoritarian regimes and working to eliminate forced labor from global supply chains.”
Zach Johnson USA
Source: Eurometal
