The Strategist

EC: EU could double steel shipments to the US after duties are lifted

11/12/2021 - 08:35

The European Union now has an opportunity to roughly double steel product shipments to the United States after the decision to lift the duty, said Valdis Dombrovskis, executive vice president of the European Commission (EC), at a press conference.

The U.S. announced in late October that it would no longer apply duties from the so-called "Section 232" on a certain amount of steel and aluminum product shipments from the EU under tariff quotas. These quotas are equal to the historical volume of steel and aluminium exports from the EU to the US. And this is the volume that was supplied to the US from the union before the duties were introduced in 2018, the EC explained earlier.

"This will allow steel exports to the US to recover at least to the levels that were recorded before (former US President Donald) Trump imposed duties under "section 232". Now, export volumes are half of what they were at historical levels, so we have significant potential for exports to recover," he said.

Dombrovskis also noted that the EU is working with the US to completely eliminate these duties and hopes that this can be done within two years.