EU and US mutually extend tariffs suspension on aluminium and steel
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Update time : 2023-12-22 15:38:01
On December 19, the European Union announced that it would extend the suspension of its rebalancing tariffs on US products until March 31, 2025. This decision comes in return as the United States also prolongs the suspension of its tariffs on the EU, considering the historical trade volumes reflected in the Tariff-Rate Quota (TRQ) system established in January 2022.
Initially, the rebalancing tariffs were implemented by the European Union during the Trump Presidency in response to the US “Section 232” tariffs on aluminium and steel. In 2018, the United States levied €6.4 billion in tariffs on European aluminium and steel exports. In return, the European Union introduced rebalancing tariffs of €2.8 billion on US exports. In 2022, the EU suspended these tariffs entirely until December 31, 2023, which is now being extended until 2025.
