1、CRS INSIGHT Prepared for Members and Committees of Congress INSIGHTINSIGHTi i Whats in the New U.S.-EU Steel and Aluminum Deal? November 12, 2021 On October 31, 2021, the United States and European Union (EU) announced a multifaceted agreement to address U.S. steel and aluminum tariffs on EU exports
2、, imposed by the Trump Administration under Section 232, and EU retaliatory tariffs on certain U.S. exports. The deal establishes a new tariff rate quota (TRQ) to replace original Section 232 tariffs. It also creates a new forum to strengthen U.S.-EU cooperation to address global overcapacity, ensur
3、e market-oriented conditions, and reduce carbon intensity in these industries. In addressing the tariffs, President Biden sought to decrease trade tensions with allies, build partnerships to tackle global issues, and protect U.S. jobs and industry from unfair competition, stemming from Chinas excess
4、 capacity and industrial policies. Steel and Aluminum Exports and Tariffs Effective March 23, 2018, President Trump applied 25% and 10% tariffs, respectively, on certain steel and aluminum imports, under Section 232 of the Trade Expansion Act of 1962 (19 U.S.C. 1862). Although the United States nego
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