9,344.97 TL BIST 100 BIST 100
30.97 $ USD USD
€33.45 EUR EUR
43.24 TL Interest Interest
82.70 $ Fossil Oil Fossil Oil
23.17 $ Silver Silver
3.87 $ Copper Copper
119.59 $ Iron Ore Iron Ore
398.00 $ Ship Dismantling Ship Dismantling
43.24 TL Gold (gr) Gold (gr)

US and EU negotiate on steel trade terms

According to a report by the US Chamber of Commerce (CoC), the US and the European Union are preparing for a steel trade agreement in line with carbon regulations and a self-imposed deadline of 31 October.

US and EU negotiate on steel trade terms

The EU's carbon border adjustment mechanism (CBAM) entered into force on 1 October. This mechanism requires the maintenance of carbon price regulations set under the EU's emissions trading system. This effort aims to ensure that EU producers do not face competition from imports that are not subject to carbon price regulation.

To prevent a further escalation of a trade war between the two entities following the implementation of the Trump-era Section 232 measures, they launched an agreement called the Global Arrangement on Sustainable Steel and Aluminium (EU-US GSA).

US Trade Representative Katherine Tai said the parties are working "to discourage trade in emissions-intensive steel and aluminium products from other countries that contribute to global off-market excess capacity and to ensure that domestic policies support reducing the greenhouse gas emissions intensity of these industries".

According to a study by the US International Trade Commission, which concluded that US importers bear the cost of steel and aluminium tariffs, the US lost $3.5 billion in revenue as a result of Section 232 tariffs.


No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

Pakistan's scrap imports increased

Wednesday, February 21, 2024

In December 2023, the US section beams exports decreased

Wednesday, February 21, 2024

SMS Group and Hasçelik launched a strategic partnership

Wednesday, February 21, 2024

Ferroalloy production in Ukraine fell by 57% in 2023

Wednesday, February 21, 2024

Morocco's green hydrogen ambitions: Overcoming uncertainties on the path ahead

Wednesday, February 21, 2024
Follow List
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.

There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now