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European Union calls on US to extend steel import quotas

Valdis Dombrovskis, Vice President of the European Commission, stated that the quotas on steel imported from the EU by the U.S. need to be extended and made more flexible by the end of this year.

European Union calls on US to extend steel import quotas

The U.S. had imposed import tariffs of 25% on steel and 10% on aluminum from the EU starting January 2022, valid for a two-year period. However, these tariffs were replaced with quotas.

Due to a lack of agreement in negotiations between the U.S. and the EU on issues such as overcapacity and low-carbon production, the Washington administration proposed extending the suspension of customs duties to allow more time.

Dombrovskis, in expressing the EU's extension request, highlighted that the EU had lifted retaliatory tariffs, but the U.S. implemented a "rigid" tariff rate quota system. The Tariff-rate quotas (TRQ) system allows a certain quantity of EU steel and aluminum to be exempt from customs duties when imported to the U.S., with additional quantities incurring customs duties. Dombrovskis disclosed that the EU is in discussions with U.S. officials for a more flexible quota system.

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