Tariffs on steel and aluminum imports between the European Union and the United States should not rise. Representatives of both parties agreed over the weekend that they will stop the escalation of tensions in the area of mutual trade in these metals and their products.
US Secretary of Commerce Gina Raimond told reporters that tariffs of 25 percent on steel and 10 percent on aluminum originating in the European Union will be maintained, while the US will allow the import of a certain amount of both metals from the EU without any duty. This marks the end of the US-EU trade war in steel and aluminum, which was “unleashed” in 2018 by then-US President Donald Trump.
“We have agreed to suspend our debate on steel and aluminum and to start working on a global agreement on sustainable trade in steel and aluminum,” EU Trade Commissioner Valdis Dombrovskis said on Twitter.
The United States has not yet specified how much of the European Union will allow duty-free steel and aluminum into its market. However, according to Reuters, it should be 3.3 million tons per year. Higher volumes would then be subject to the established tariff rate. Around five million tonnes of steel go from the EU to the US every year.
