The American Iron and Steel Institute lauds the Biden administration's move to prolong tariff-rate quotas on EU steel imports by two years. This extension aims to facilitate negotiations for the Global Arrangement on Sustainable Steel and Aluminum. AISI strongly supports addressing global steel overcapacity and the higher carbon footprint of imported steel versus American counterparts.
In response to the White House proclamation, Kevin Dempsey, president and CEO of AISI, expressed appreciation for the extension of tariff-rate quotas (TRQs) on European Union (EU) steel imports for an additional two years until December 31, 2025. This extension is positioned to provide room for negotiations regarding the proposed Global Arrangement on Sustainable Steel and Aluminum.
The AISI's endorsement of the Biden administration's action is rooted in its endeavor to tackle prevalent challenges such as global non-market excess capacity in steel and the discernible disparity in carbon intensity between imported steel and the environmentally cleaner American steel. This move aligns with the shared interest of both the U.S. and EU steel industries in shaping sustainable practices and fair trade mechanisms.
The resounding support from the American steel industry underscores a collective commitment towards establishing novel mechanisms that mitigate the adverse effects of global steel overcapacity. The imperative focus remains on fostering equitable grounds for competition while prioritizing sustainability and environmental consciousness in the steel industry’s operations.
The collaborative approach advocated by AISI underscores the mutual benefit envisaged by the proposed extension, aiming to bolster a conducive environment for constructive dialogues and negotiations. The administration's proactive stance in addressing pertinent issues contributes significantly to fostering a more sustainable and equitable global steel market.
AISI’s commendation of the Biden administration's decision to extend tariff-rate quotas on EU steel imports signifies a collaborative endeavor towards fostering sustainable steel practices. The emphasis on negotiations for a Global Arrangement on Sustainable Steel and Aluminum resonates with the shared goal of mitigating global steel overcapacity and promoting cleaner steel production. This extension is a step towards equitable trade mechanisms and a more environmentally conscious steel industry.