The US and the European Union (EU) agreed on Saturday to lift fines on imported European steel and aluminum, ending a dispute that has strained trade relations over the past three years.
The agreement was announced by the US Secretary of Commerce Gina Raimondo.
The EU’s expanded response to world-famous American products such as Harley-Davidson motorcycles, Levi’s jeans and Kentucky whiskey, which were due to take effect on December 1, will now not apply, said Raimondo, who is attending the G20 summit in Rome.
Valdis Dombrovskis, Vice-President of the European Commission (EC), said on Twitter that “we have agreed with the United States to end our trade dispute in steel and aluminum (..) and to start cooperating on a Global Agreement on Sustainable Steel and Aluminum.”
In June 2018, then-US President Donald Trump set a 25% tariff on steel and a 10% tariff on aluminum from several economies, including the European Union. He said at the time that this was being done for reasons of national security.
The EU responded with tariffs on tobacco, corn, rice and orange juice from the US, as well as motorcycles and whiskey.
In June, US President Joe Biden and the EU agreed on a long-term ceasefire in a 17-year dispute over subsidies to the aerospace industry, and gave themselves until December 1 to resolve the issue of steel tariffs.
–
