US to extend suspension of steel and aluminum tariffs for EU

The US will continue to suspend Section 232 tariffs on EU steel while both organizations actively work to reach an agreement.

Ambassador to the European Union Mark Gitenstein explained that the United States does not intend to restore the 25% tariffs on steel imports in the near future.

US tariff rates were scheduled to return to the levels set in former President Donald Trump's Section 232 executive order if the EU and US were unable to reach a new agreement by October 31, 2023.

The summit in Washington, D.C., last week did not provide specific details on any tariff agreement, but noted that progress had been made. At the same time, it was unclear whether the 25% EU steel tariffs and 10% EU aluminum tariffs would be reinstated as early as January 2024. The EU believes it is time to reach a formal agreement.

Progress was reported on measures to address excess capacity and increase supplies of non-market steel, as well as to ensure environmental standards in steel production threatened by non-market products.