The EU has suspended rebalancing tariffs on US products until March 2025 in the context of the steel and aluminium tariff trade dispute. This is a positive development as the deadline for the reintroduction of the measures was approaching. The EU and the US had previously agreed to a two-year pause in 2021. A tit-for-tat between the EU and the US would negatively impact jobs, prosperity, and security on both sides of the Atlantic. It is expected that the US will officially extend the suspension of its tariffs so that the transatlantic partners can reach an agreement to remove reciprocal tariffs fully and permanently in the coming months. Additionally, the EU and the US should work towards a Global Sustainable Steel and Aluminium Arrangement that complies with WTO rules and consider involving like-minded countries. These ongoing conversations should pave the way for cooperation between the EU and the US, leading to more resilient supply chains, global standards, and fair trade practices within the framework of the Trade and Technology Council (TTC). Furthermore, it should inspire efforts to reform the WTO, strengthen rules on industrial subsidies, and address common challenges such as decarbonisation.
Source AmCham EU
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