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U.S. Revises EU Steel Proposal as Tariff-Increase Date Looms

Steel News

U.S. Revises EU Steel Proposal as Tariff-Increase Date Looms

 

The U.S. has submitted a new proposal to the European Union to solve a Trump-era dispute on steel tariffs, offering more-generous terms, according to people familiar with the matter.

 

The updated proposal involves so-called tariff-rate quotas that Bloomberg reported last month, but provides for a bigger quantity of steel to enter the U.S. before higher duties kick in, according to two of the people who asked not to be identified because the discussions are private.

 

TRQs allow countries to export specified quantities of a product to other nations at lower duty rates, but subjects shipments above a pre-determined threshold to a higher tariffs.

 

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