On June 15, 2021, the U.S. and EU announced a commitment to address steel and aluminum excess capacity issues including section 232 tariffs and retaliatory measures by the end of the year. This announcement follows the May 17th, 2021 statement from the European Commission Executive Vice President’s outlining the EU’s decision to temporarily suspend the increase of its rebalancing measures related to the Unites States’ Section 232 steel and aluminum tariffs.
The commitment, as outlined by the U.S.-EU Summit Statement and European Commission President, explains that the U.S. and EU:
- Will engage in discussions to allow the resolution of existing differences on measures regarding steel and aluminum before the end of the year.
- Will work together to resolve tensions arising from the U.S. application of tariffs on imports from the EU under U.S. Section 232, and will work towards allowing trade to recover from its 2020 lows and ending the WTO disputes.
- They are committed to ensuring the long-term viability of their steel and aluminum industries, and to addressing excess capacity.
- Will create a working group to discuss the overcapacity issue and the Section 232 tariffs.
The full text of the U.S.-Eu Summit Statement is available here.
For more information on Section 232, U.S.-EU Trade, and WTO developments please contact our team and see previous posts below.
