U.S. Modifies Tariffs on E.U. Steel & Aluminum
By NNR USA In USA Trade Alerts On 3rd November 2021
On October 31, 2021, an agreement was made between the U.S. and E.U. to fight carbon intensity and global overcapacity of steel and aluminum.
SECTION 232 TARIFF UPDATE Effective January 1, 2022, the U.S. will modify the Section 232 tariff action against E.U. steel and aluminum. The products will be subject to a tariff-rate quota (TRQ) under Section 232.
LINKS TO PUBLICATIONS
"In a demonstration of renewed trust, and reflecting long-standing security and supply chain ties, the United States will not apply section 232 duties and will allow duty-free importation steel and aluminum from the EU at a historical-based volume and the EU will suspend related tariffs on U.S. products," stated the U.S. Trade Representative.
SECTION 232 TARIFF UPDATE Effective January 1, 2022, the U.S. will modify the Section 232 tariff action against E.U. steel and aluminum. The products will be subject to a tariff-rate quota (TRQ) under Section 232.
- E.U. products imported within-quota quantity will be imported free of Section 232 duties.
- Products imported above-quota will be subject to Section 232 additional duties at 25% on steel and 10% on aluminum.
- Steel must be ‘melted and poured’ in the E.U. to qualify for the TRQ.
- Products currently covered by Section 232 exclusions won’t count against the quota.
- Exclusions will be valid until December 31, 2023.
- TRQ will open quarterly.
- Derivative Products will not be subject to Section 232 duties.
- The exclusion process will be maintained.
- TRQ will open semi-annually.
- Derivative products will not be subject to Section 232 duties.
LINKS TO PUBLICATIONS