The European Union has today announced its decision to extend until 31 March 2025 the suspension of its rebalancing tariffs on US products in the context of the steel and aluminium dispute. Initially implemented during the Trump Presidency, the EU rebalancing tariffs on US exports were a response to the US “Section 232” tariffs on steel and aluminium.
This extension is the result of an agreement reached with the US. The EU prolongs the suspension of rebalancing tariffs in return for the US extending the suspension of its tariffs for historical trade volumes that are reflected in the Tariff-Rate Quota (TRQ) system established in January 2022. In addition, the US agreed to provide for further exclusions from the tariffs for EU exporters.
More information is available in the press release online.
