The EU should speed negotiation of a tariff-rate quota (TRQ) system with the US to avoid existing exorbitant tariffs of 50% on steel and aluminium, the director general of the European Steel Association, EUROFER, has told Euronews adding that such a deal could also help with cooperation on Chinese overcapacities in the sector.
Such TRQ systems enable specific quantities of steel and aluminium to be imported at a lower or zero tariff rate, with any additional amount subject to a much higher tariff rate.
