EU to investigate Chinese steel and aluminium sectors, with tariffs looming, in deal with US
- Inquiries and possible tariffs are said to be part of an agreement with US, which is set to drop Trump-era tariffs on imports of European steel and aluminium
- Announcement by US President Joe Biden, European Commission President Ursula von der Leyen and European Council President Charles Michel is expected next week
The European Union is set to investigate overcapacity in China’s steel sector, a move that could see a tariff of 25 per cent imposed on imports from the world’s second largest economy.
Aluminium is also in the EU cross hairs, with officials poised to commit to a 10 per cent tariff on shipments from China and other non-market economies.
The probe is part of a political agreement with the United States, set to be announced during a bilateral summit in Washington next week, that would also end some existing US tariffs on EU steel and aluminium imports, according to EU sources familiar with the plan.
The plan is expected to be announced by US President Joe Biden, European Commission President Ursula von der Leyen and European Council President Charles Michel on October 20.
14:45
An unwinnable conflict? The US-China trade war, 5 years on
The deal, which has not been finalised, would extricate European companies from tariffs on both metals imposed by the US during the Donald Trump administration.
