US, EU consider new tariffs on Chinese steel, aluminum

US, EU consider new tariffs on Chinese steel, aluminum

The U.S. and the EU are considering new tariffs on Chinese steel and aluminum as part of a bid to fight carbon emissions and global overcapacity, according to people familiar with the matter.

The US and EU would use tariffs to further their climate agenda, as they would be used in trade disputes. U.S. aluminum and steel producers went up in extended trading.

The idea, generated within U.S. President Joe Biden's administration, hasn't been formally proposed, according to the people who asked not to be identified as the discussions aren't public. One person said that even that timeline was optimistic, and that an agreement with the EU isn't likely until late next year, including specifics on how to identify thresholds for applying tariffs.

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