• Latest
  • Trending
  • All
  • Industry
  • Compliance
  • Global Trade
  • Industry
  • Sustainability & Ethics
  • Video
  • Security & Risk
A cityscape with currency symbols in the background, highlighting the impact of the EU-US Trade Agreement on tariffs and economic resurgence.

Potential Resurgence of Tariffs on EU Steel Imports Looms as EU-US Trade Agreement Remains Elusive

10/30/2023
Q2 U.S. Auto Sales Grow, While Tariffs Threaten Higher Prices

Q2 U.S. Auto Sales Grow, While Tariffs Threaten Higher Prices

07/03/2025
Rising Import Costs Put Pressure on U.S. Restaurants Amid Tariffs

Rising Import Costs Put Pressure on U.S. Restaurants Amid Tariffs

07/03/2025
Vietnam Trade Deal Secured as U.S. Prepares for Tariff Changes

Vietnam Trade Deal Secured as U.S. Prepares for Tariff Changes

07/03/2025
U.S. and Vietnam Reach Trade Agreement Including New 20% Tariff on Imports

U.S. and Vietnam Reach Trade Agreement Including New 20% Tariff on Imports

07/03/2025
Uncertainty Grows as July 9 Tariff Deadline Nears Amid Ongoing Trade Talks

Uncertainty Grows as July 9 Tariff Deadline Nears Amid Ongoing Trade Talks

07/03/2025
Two Star Safaris Ltd: Six Years of Growth, Impact, and Global Reach

Two Star Safaris Ltd: Six Years of Growth, Impact, and Global Reach

07/02/2025
Two Star Safaris Limited Nominated for 2025 Go Global Awards in London

Two Star Safaris Limited Nominated for 2025 Go Global Awards in London

07/02/2025
Vidushi Infotech Powers Global Growth with AI-Driven IT Solutions and 22 Years of Expertise

Vidushi Infotech SSP Pvt. Ltd. Nominated for Go Global Awards 2025 – Set to Join Global Tech Leaders in London

07/02/2025
Vidushi Infotech Powers Global Growth with AI-Driven IT Solutions and 22 Years of Expertise

Vidushi Infotech Powers Global Growth with AI-Driven IT Solutions and 22 Years of Expertise

07/02/2025
PRINTCO SRL Nominated for 2025 Go Global Awards in London

PRINTCO: Romania’s Packaging Powerhouse Pioneering Innovation and Sustainability

07/01/2025
PRINTCO SRL Nominated for 2025 Go Global Awards in London

PRINTCO SRL Nominated for 2025 Go Global Awards in London

07/02/2025

HirtProductions Bridges Continents with Spiritually Uplifting Cinema

07/02/2025
supplychainreport
Friday, July 4, 2025
  • Home
  • Industry
    • Supply Chain
    • Logistics & Transportation
    • Importing & Exporting
    • Manufacturing
    • Warehousing & Distribution
  • Compliance
    • Supply Chain Transparency
    • Anti-Money Laundering (AML)
    • Know Your Customer (KYC)
    • Risk Management
    • Export Controls
    • Sanctions
  • Global Trade
    • Market Trends
    • Economic Indicators
    • Sourcing
    • Trade Policies
    • International Relations
    • Trade Agreements
    • Tariffs & Duties
    • Import/Export Statistics
  • Luxury Goods
  • Industry
    • Blockchain in Supply Chain
    • Importing & Exporting
    • Automation & Robotics
    • Artificial Intelligence in Trade
    • Data & Analytics
  • Sustainability & Ethics
    • Green Supply Chains
    • Sustainable Logistics
    • Ethical Sourcing
    • Corporate Social Responsibility
    • Environmental Policies
  • Security & Risk
    • Cybersecurity in Trade
    • Fraud & Scams
    • Risk Mitigation
    • Security Protocols
    • Data Protection
  • ITC News
    • ITC Featured Members
    • ITC Business Councils Highlights
  • Events
    • Upcoming Conferences
    • Upcoming FREE Educational Webinars
No Result
View All Result
supplychainreport
No Result
View All Result

Potential Resurgence of Tariffs on EU Steel Imports Looms as EU-US Trade Agreement Remains Elusive

by Geraldine S.
10/30/2023
in Global Trade, Trade Policies

The future of the United States’ trade relationship with the European Union concerning steel imports is currently uncertain, with the potential reimplementation of a 25% tariff on European steel by January 1, 2024, if an agreement on eco-friendlier steel production isn’t reached by the end of this year.

This tariff, originally imposed by former US President Donald Trump in March 2018, has been on hold for EU imports since January 2022. Negotiations aimed at establishing a Global Arrangement on Sustainable Steel and Aluminium (GASSA) were expected to finalize a tariff-free trade deal between the US and EU on October 20. However, a summit in Washington between US President Joe Biden and European Commission President Ursula von der Leyen concluded without any announcement of an agreement.
The original deadline for these negotiations, set for October 31 and planned two years in advance, has been extended to the year’s end. A failure to secure an agreement might either trigger the reintroduction of the Section 232 levy and corresponding EU tariffs on US imports or extend the current suspension.
In 2022, the US imported 3.34 million tonnes of quota-covered steel, marking a 20.3% increase from the previous trade period under the Section 232 tariffs. EU imports of quota-covered steel from the US rose to 92,805 tonnes, up 26.4% from 2021.

YOU MAY ALSO LIKE

Q2 U.S. Auto Sales Grow, While Tariffs Threaten Higher Prices

Rising Import Costs Put Pressure on U.S. Restaurants Amid Tariffs

Challenges in Negotiation and Impact on Global Trade

Divergent viewpoints have reportedly hindered the progress of the GASSA negotiations. The Financial Times attributes the delay to “irreconcilable differences,” noting the US’s insistence on the EU imposing a levy on Chinese steel imports – an action Washington deems necessary due to the influx of inexpensive metal from China. The EU, however, maintains that it requires a formal investigation to confirm China’s subsidization of its producers, as per international trade regulations, and such an investigation has yet to commence.
The international steel organization, Eurofer, emphasizes the need for an EU-US steel agreement to tackle the global excess steel capacity, which stands at about 600 million tonnes annually. The OECD anticipates an additional 150 million tonnes of steelmaking capacity by 2026, predominantly in Asia, the Middle East, and North Africa.
Following the October 20 summit, EU and US authorities jointly stated that significant progress had been made in identifying the origins of “non-market excess capacity” and in understanding the means to address the emissions intensity of the steel and aluminum industries.

Impact on the Steel Market and Emissions Policies

The ongoing negotiations are already influencing global steel trade. Some European distributors have reportedly halted orders from China due to apprehensions about a possible agreement leading to 25% tariffs on imports. Additionally, the introduction of the European Commission’s Carbon Border Adjustment Mechanism (CBAM) on October 1, which mandates the reporting of embedded carbon emissions, is diminishing the attractiveness of imports due to the increased administrative burden. Any forthcoming steel trade agreement between the EU and US will have to bridge the gap between their differing strategies for reducing steel industry emissions. The EU’s CBAM contrasts with the US’s approach of offering tax incentives and subsidies to assist steelmakers in lowering emissions.

The outcome of these talks could significantly affect steel prices as early as the first quarter of 2024, marking a critical juncture for the international steel industry.

Catch the latest supply chain news at The Supply Chain Report. Learn more about international trade at ADAMftd.com with free tools.

#USSteelTariff #EUSteelImports #GlobalSteelTrade #SustainableSteel #SteelNegotiations #GASSAAgreement #SteelIndustryEmissions #SteelMarketImpact #CarbonBorderAdjustment #SteelTradePolicy #USChinaSteel #EUUSSteelRelations #SteelPriceForecast #SteelCapacity #OECDSteel #EUTradeRelations #USSteelPolicy #Eurofer #SteelTradeSummit #EUUSTradeTalks

ShareTweet

Subscribe Our Newsletter

Share Your News

Whether it’s a groundbreaking achievement, a heartwarming tale, or an insightful perspective, we want to hear it. Share your news with us, and let’s amplify your voice in the digital symphony of stories.

Submit

A man is riding a bike on a hill.

The Supply Chain Report is your essential daily news website, serving as a trusted source for comprehensive coverage of the complex and ever-evolving global supply chain dynamics. Our expert team delves into the intricacies of international trade, manufacturing, logistics, importing, exporting, and supply chain management; providing in-depth analysis and up-to-date news on the latest trends, disruptions, and technological advancements affecting industries worldwide. From detailed reports on international trade through to insights into procurement strategies and inventory management, we offer valuable content that helps professionals stay informed and make knowledgeable decisions in a fast-paced market.

Each day, we bring you cutting-edge news and expert commentary that dissect significant international trade and supply chain issues Our coverage spans a wide array of sectors including manufacturing, retail, healthcare, food, consumer goods, and technology, ensuring that no matter your field, you have the strategic information needed to navigate the challenges and opportunities of today’s supply chain landscape. By synthesizing complex data and presenting actionable insights, The Supply Chain Report empowers business leaders, policymakers, and logistics professionals to optimize their operations and drive forward with confidence in an interconnected world.

Connect With Us

  • About
  • Events
  • Privacy Policy
  • Contact Us

© 2024 International Centre for Trade Transparency Limited. Incorporated in the United Kingdom.

No Result
View All Result
  • Home
  • Industry
    • Supply Chain
    • Logistics & Transportation
    • Importing & Exporting
    • Manufacturing
    • Warehousing & Distribution
  • Compliance
    • Supply Chain Transparency
    • Anti-Money Laundering (AML)
    • Know Your Customer (KYC)
    • Risk Management
    • Export Controls
    • Sanctions
  • Global Trade
    • Market Trends
    • Economic Indicators
    • Sourcing
    • Trade Policies
    • International Relations
    • Trade Agreements
    • Tariffs & Duties
    • Import/Export Statistics
  • Luxury Goods
  • Industry
    • Blockchain in Supply Chain
    • Importing & Exporting
    • Automation & Robotics
    • Artificial Intelligence in Trade
    • Data & Analytics
  • Sustainability & Ethics
    • Green Supply Chains
    • Sustainable Logistics
    • Ethical Sourcing
    • Corporate Social Responsibility
    • Environmental Policies
  • Security & Risk
    • Cybersecurity in Trade
    • Fraud & Scams
    • Risk Mitigation
    • Security Protocols
    • Data Protection
  • ITC News
    • ITC Featured Members
    • ITC Business Councils Highlights
  • Events
    • Upcoming Conferences
    • Upcoming FREE Educational Webinars

© 2024 International Centre for Trade Transparency Limited. Incorporated in the United Kingdom.