EU and US agree tariff suspension

During the G20 summit, it was announced that the EU and US reached an agreement on suspending and adapting the US' steel and aluminium tariffs. This also means that the EU's retaliatory tariffs will be suspended, including on US recreational boats and engines. 

The US will suspend the section 232 tariffs on steel and replace them by a tariff-quota system. The retaliatory tariffs put in place by the EU will be suspended, as well as the increase in the EU's tariffs scheduled for 1 December. The formal decision-making on suspending the EU's retaliatory measures will now start with the Member States, which will indicate the timeline for the formal suspension.

The EU and US will start discussions on the core issue of the dispute related to overcapacity in steel and aluminium production and want to achieve a Global Arrangement on Sustainable Steel and Aluminium in the next two years. If this is successful, the tariffs can be expected to be fully removed.

EBI is delighted that after much pressure and lobbying work together with other European industry associations, US partners NMMA and international partners ICOMIA, the trade dispute has been suspended and a final resolution is possible. The most recent example is the transatlantic statement on the eve of the G20 Summit co-signed by EBI and NMMA as well as other European and US industry associations.

The official announcement from the European Commission can be found here. More information on timelines will be sent to EBI members in the coming days.

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