President Biden has extended the European Union’s access to U.S. tariff rate quotas (TRQs) for steel and aluminum for two additional years. The action, which took effect on January 1, 2024, and lasts until December 31, 2025, was announced last week by U.S. Secretary of Commerce Gina M. Raimondo.
Tariff-rate quotas are a trade policy tool used to protect a domestic industry from competition. Under a TRQ, imports up to a certain quantity enter at a low or zero tariff rate, while imports above that quantity face a higher, often prohibitive tariff. By extending the EU’s access to these TRQs, President Biden is helping to shield the American steel and aluminum industries from potentially adverse economic conditions.
“President Biden’s economic agenda is rooted in standing up for American families, workers, and businesses,” said Secretary Raimondo. “The actions he’s taking today to extend the European Union’s steel and aluminum TRQs underscore that guiding principle and his commitment to defending U.S. industry from uncertain or adverse economic conditions.”
This move aims to ensure the continued vibrancy of steel and aluminum industries in the United States, which are integral to national security. Earlier in December, the European Union reciprocated by announcing a continued suspension on tariffs on U.S. goods.
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