US, EU reaches agreement to end dispute over steel and aluminum tariffs
Time:Mon, 01 Nov 2021 10:32:02 +0800
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On the first day (October 30) of the G20 summit in Rome, the US and the EU reached an agreement to end the dispute over steel and aluminum tariffs imposed by the Trump era in 2018, maintaining the 232 tariffs but allowing EU steel and aluminum products to enter the US without tariffs within the limited volumes. In return, the EU also agreed to cancel retaliatory tariffs on American products previously imposed as a retaliatory move.
US administration officials didn’t disclose the volume of these duty-free metals; however, it was understood from sources that above 3.3 million tons will be exempt from the 232 tariffs, equivalent to a value of more than US$10 billion each year. Gina Raimondo, the US Secretary of Commerce, said that this agreement will also reduce costs for US steel manufacturers.
