The US will allow duty-free importation of steel and aluminium from the EU. In exchange, the EU will suspend its retaliatory tariffs on certain US products.
This move by the Biden Administration is expected to benefit the aerosol industry, which relies on steel and aluminium to manufacture aerosol products.
The Household & Commercial Products Association (HCPA) has commended the administration for working with the EU to address steel and aluminium excess capacity.
“We commend the Biden Administration for coming to an agreement with the EU to eliminate the tariffs that have been impacting transatlantic trade,” said Dr Steve Bennett, executive vice-president of scientific and regulatory affairs at the HCPA.
“However, this deal has benefits beyond just tariffs and trade. The agreement also includes the formation of a technical working group that will help preserve the steel and aluminium industries by addressing carbon intensity and global overcapacity – not just with the US and EU, but with other countries that share these goals.
“These efforts will not only help meet environmental goals to help tackle climate change, but also protect American jobs. The aerosol industry relies on steel and aluminium to manufacture aerosol products, and this negotiation with the EU will help ensure the integrity of these markets while also working to reduce carbon emissions from the steel and aluminium industries.”