EU-US agree to continue suspension of Section 232 tariffs

Published On: January 4, 2024Categories: Industry News, News

The United States and European Union (EU) have reached an agreement to not reimpose Section 232 tariffs on steel and aluminum imports from the EU and Europe’s retaliatory tariffs on American exports into the EU, including American-made boats. Section 232 tariffs caused several key international markets, including the EU, to impose retaliatory tariffs on uniquely American products.

In December, the EU announced that it would extend the current suspension of tariffs on American products until March 31, 2025. U.S. and European officials have consistently met over the past couple years, and most recently, in Washington, D.C., to discuss several geopolitical and economic issues.

In 2021, the Biden administration reached a temporary agreement with the EU to end both the Section 232 tariffs and retaliatory tariffs; however, the EU’s retaliatory tariffs were set to go back into effect on January 1, 2024.