Biden extends EU steel and aluminum tariff exemption for two years

The president of USA, Joe Biden, on Thursday extended for two years the suspension of tariffs on steel and aluminum of the European Union, while negotiating measures to address overcapacity and low-carbon production.

The United States suspended import tariffs on 25% to steel and 10% to aluminum from the EU for two years starting in January 2022, replacing the tariffs imposed by former President Donald Trump with a system of tariff contingencies. The EU’s retaliatory tariffs, which hit a number of American products from Harley Davidson motorcycles to whiskey, bourbon and boats, have also been postponed until 2025, after elections on both sides of the Atlantic.

The United States and the European Union have been seeking compromise measures to address excess metal production capacity in non-market economies such as China and promote greener steel. The talks were due to be resolved in 2023, but have stalled.