In 2021, the EU and US reached a 2-year deal to settle their steel and aluminum tariff dispute through the Global Arrangement on Sustainable Steel and Aluminum. The US reduced tariffs with a quota system, and the EU halted its restrictions, causing a trade imbalance with EU exporters. Without a concrete deal, tariffs may return next year.
Century Aluminum, the largest producer of primary aluminum in America, laid off hundreds of workers due to business inactivity at one of its plants, a decision the CEO has attributed to rising energy prices.
On February 7, 2022, the United States announced actions to ease Section 232 tariffs on Japanese-origin steel products in exchange for Japan’s commitments in several key trade areas. .