Bloomberg, citing people familiar with the matter, reported that the US and European Union are weighing new tariffs on Chinese steel and aluminium as part of a bid to fight carbon emissions and global overcapacity. The report quoted sources as saying that “The idea, generated within US President Joe Biden’s administration, is still in an initial phase and has not been formally proposed.” Sources also said “The new framework, which builds on a related US-EU agreement last year, is mainly aimed at China, the world’s biggest carbon emitter and producer of steel and aluminium, as well as other large polluting nations.” They added “An agreement with the EU, including specifics on how to identify thresholds for applying tariffs, is not likely until late next year at the earliest, even that timeline was optimistic.” The move would mark a novel approach, as the US and EU would seek to use tariffs, usually employed in trade disputes, to further their climate agenda.
Bloomberg, citing people familiar with the matter, reported that the US and European Union are weighing new tariffs on Chinese steel and aluminium as part of a bid to fight carbon emissions and global overcapacity. The report quoted sources as saying that “The idea, generated within US President Joe Biden’s administration, is still in an initial phase and has not been formally proposed.” Sources also said “The new framework, which builds on a related US-EU agreement last year, is mainly aimed at China, the world’s biggest carbon emitter and producer of steel and aluminium, as well as other large polluting nations.” They added “An agreement with the EU, including specifics on how to identify thresholds for applying tariffs, is not likely until late next year at the earliest, even that timeline was optimistic.” The move would mark a novel approach, as the US and EU would seek to use tariffs, usually employed in trade disputes, to further their climate agenda.
