Market Update | November 3rd 2021

The U.S. and EU came to agreement that would modify Section 232 on Steel and  Aluminum imports. The 25% tariff on all products would be eliminated and replaced with tariff rate quota while ensuring that all steel entering the U.S. is entirely produced in Europe. Additionally, annual steel quota limit will be 3.3mt, plus 1.1mt already granted as exclusions to the tariffs.