EU And US Reach Truce On Steel And Aluminum Tariffs

The European Union and the United States have agreed to put aside their dispute over steel and aluminum, announced today the Vice President of the European Commission (EC) and Head of Trade, Valdis Dombrovskis.

 

“We have agreed with the United States to put our trade dispute on steel and aluminum on hold and launch a cooperation regarding a global agreement on sustainable steel and aluminum,” Dombrovskis said through his Twitter account.

 

“Our agreement will be announced tomorrow by the President of the European Commission, Ursula von der Leyen and the President of the United States, Joe Biden,” added Dombrovskis.

 

The trade relationship between the European Union and the United States deteriorated during the term of former President Donald Trump, in particular as a result of the imposition of tariffs of 25% on EU imports of steel and 10% on aluminum.

 

To the measures imposed by Trump, the EU responded with its own batch of tariffs on several US products, including “bourbon” whiskey, peanut butter, blueberries and orange juice.

 

The two blocks had been trying for months to reach an understanding to resolve the dispute over steel and aluminum.

 

The contacts intensified after last June the EU and the United States reached an agreement on the battle for illegal public aid to the US aircraft manufacturer Boeing and the European Airbus, the longest dispute in the World Trade Organization (WTO).

 

Both then agreed to suspend their compensatory tariffs for five years, valued at up to 11,500 million euros.

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