The deal grants an additional two years of duty-free access above the quota for EU steel products that won Commerce Department exclusions in the past year, U.S. Sources familiar with the deal, speaking on condition of anonymity, have said annual volumes above 3.3 million tons would be subject to tariffs. officials did not specify the volume of duty-free steel to be allowed into the United States under a tariff-rate quota system agreed upon with the EU. Dombrovskis said the deal will be formally announced by Biden and European Commission President Ursula von der Leyen on Sunday. It eliminates a source of friction between the allies and lets them focus on negotiating a new global trade agreement to address worldwide excess steel and aluminium capacity mainly centred in China and reduce carbon emissions from the industries.ĮU trade chief Valdis Dombrovskis confirmed the deal, writing on Twitter that “we have agreed with the US to pause” the trade dispute and launch cooperation on a future global arrangement on sustainable steel and aluminium. “Section 232” tariffs of 25% on steel and 10% aluminium while allowing “limited volumes” of EU-produced metals into the United States duty-free. The United States and European Union have agreed to end a festering dispute over US steel and aluminium tariffs imposed by former President Donald Trump in 2018, removing an irritant in transatlantic relations and averting a spike in EU retaliatory tariffs, US officials said on Saturday (30 October).Ĭommerce Secretary Gina Raimondo told reporters that the deal will maintain U.S.
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