January ’24 at-a-glance … taxes, trade & tariffs

US/EU rate tariff quote to continue thru elections

At year end, the U.S. agreed to continue the current tariff rate quota (TRQ) on EU steel and aluminum products imported into the U.S. At the same time, the EU agreed to extend the suspension of retaliatory tariffs on U.S. steel and aluminum products until March 2025, after U.S. and EU elections.

USTR further extends 429 product exclusions 

The U.S. Trade Representative (USTR) again extended until May 31 the 352 product and 77 COVID-related exclusions from Section 301 tariffs set to expire at the end of 2023. NAFEM members with questions about product exclusions can find their products by using the USTR search engine to check the 8-digit Harmonized Tariff Schedule (HTS) subheadings.