This suspension will be effective until December 31, 2025, i.e. after the period announced by the European Union (EU), which for its part announced the suspension of tariffs on American products, which was decided in a retaliatory measure, until March 31, 2025. (Photo: 123RF)
On Thursday, the United States announced the extension of the suspension of tariffs on European steel and aluminum imports, which were introduced in 2018 by former President Donald Trump, about ten days after a similar announcement on the European side.
The White House executive order was signed by President Joe Biden and is set to take effect on January 1, while the suspension was originally scheduled to end on December 31.
This suspension will be effective until December 31, 2025, after the period announced by the European Union (EU), which for its part announced a suspension of tariffs on US products decided in retaliation until March 31, 2025.
“By doing this, the president is ensuring that we continue to have a vibrant steel and aluminum industry in the United States that is essential to protecting our national security,” the president said in a statement from U.S. Commerce Secretary Gina Raimondo.
According to White House trade representative Katherine Tai, this decision, “combined with the suspension of tariffs on US products decided by the EU, will provide more time to find a global agreement that addresses the issues of carbon emissions and overproduction of steel. and the aluminum industry.
The two sides have spent months trying to find a deal to remove those 232 tariffs, which were decided in 2018 under Donald Trump’s presidency and were eventually suspended in 2021.
An EU-US summit in October failed to reach an agreement, but both sides now have the “necessary time” to reach one, according to the European Commission.
The extension to 2025 also allows the two blocs to sit out the politically charged year of 2024, between European elections in early June and the US general election in November.