President Biden extends duty-free import quota for EU steel and aluminum

President Biden extends duty-free import quota for EU steel and aluminum

According to a report by rp-online.de, duty-free imports of steel and aluminum products from the EU to the USA have been extended for a further two years. President Joe Biden justified this extension by saying that time was needed to complete negotiations with the EU. Furthermore, the planned follow-up regulation should take production capacities and CO2 emissions into account during steel production.

In terms of the financial industry and the market, this extension could have various implications. The EU steel and aluminum industries will benefit from the extension as they can continue to export their products duty-free. This could lead to an increase in exports and thus higher income for the affected companies. The extension of the regulation until 2025 also gives companies planning security and enables long-term investments.

On the other hand, the extension of duty-free imports could have a negative impact on the US steel and aluminum industries. Competition from the EU could lead to a decline in domestic production and a loss of sales. This, in turn, could impact U.S. jobs and the economy.

Overall, it is important to monitor the long-term impact of this extension as it could have both positive and negative effects on the financial industry and market. It remains to be seen how this decision will affect the companies and countries involved.