Metals News Hubb
Advertisement Banner
  • Home
  • News
  • Metallurgy
  • Contact
No Result
View All Result
  • Home
  • News
  • Metallurgy
  • Contact
No Result
View All Result
Gourmet News Hubb
No Result
View All Result
Home Metallurgy

US Asks For Unlikely Exemption From EU Carbon Border Levy For Aluminium, Other Metals – Aluminium Insider

admin by admin
March 29, 2023
in Metallurgy


The United States government is appealing to the European Union to be exempt from its carbon border levy this week, a move that experts say is likely to throw a wrench in talks for an overarching agreement on imports of aluminium and other metals.

According to Bloomberg, insiders say the chances of the EU agreeing to Washington’s request are slim. The EU’s rules make such an agreement all but impossible, and an agreement of that nature also runs counter to World Trade Organization (WTO) rules.

European Commission Spokeswoman Miriam Garcia Ferrer told Bloomberg that the carbon border adjustment mechanism is how costs for decarbonization are adjusted for companies within the EU that incur such costs. However, as there is no carbon price in the United States, such an exemption for US-based firms would not be possible.

“Such an exemption would also constitute a breach of WTO rules (most favored nation rule) if CBAM (carbon border adjustment measures) were not to apply to the US steel and aluminum sectors covered by the GSA.”

The US Trade Representative did not offer a responsive comment to Bloomberg when asked.

In a nutshell, the EU is planning to assess a carbon price on some imported goods to offset the expense to EU companies for producing their goods with fewer carbon emissions. As a result, imported aluminium, cement, fertilizers, and steel will begin reporting their carbon footprint to the EU this fall, and imports will be assessed a tariff based on that number.

Insiders say the EU also understands the WTO’s rules to forbid an exemption to carbon tariffs for US goods. The WTO’s “mot favored nation” principle is rooted in the idea that it must treat other parties to the agreement indiscriminately or make the other party whole via trade concessions. Thus, suspending the carbon tariff on American goods without doing the same for all the other signatories is likely a violation of the treaty’s MFN provisions.



Source link

Previous Post

Run To Gold Is Accelerating

Next Post

Precious Metals and the Semiconductor Industry

Next Post

Precious Metals and the Semiconductor Industry

Recommended

Anglo American CEO urges public-private fix to Transnet crisis

8 months ago

De-Dollarization 101: What to Know About the Global Shift Away From the Dollar

5 months ago

Why Now is the Best Time to Make 2022 & 2023 IRA Contributions

8 months ago

Kaiser Aluminum Reaches Deal With Labor Union At Warrick Rolling Mill – Aluminium Insider

4 months ago

Sunshine Coast Set to Launch A$40.5MM Aluminium Recycling Facility – Aluminium Insider

3 weeks ago

ALCORE Technology Centre Introduces Advanced Bath Pilot Batch Reactor – Aluminium Insider

1 week ago

© Metals News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • News
  • Metallurgy
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • News
  • Metallurgy
  • Contact

© 2022 Metals News Hubb All rights reserved.