WASHINGTON/ROME, (Reuters) – The United States and European Union have agreed to end a festering dispute over U.S. steel and aluminum tariffs imposed by former President Donald Trump in 2018, removing an irritant in transatlantic relations and averting a spike in EU retaliatory tariffs, U.S. officials said yesterday.
Commerce Secretary Gina Raimondo told reporters that the deal will maintain U.S. “Section 232” tariffs of 25% on steel and 10% aluminum, while allowing “limited volumes” of EU-produced metals into the United States duty free.
It eliminates a source of friction between the allies and lets them focus on negotiating a new global trade agreement to ad-dress worldwide excess steel and aluminum capacity mainly centered in China and reduce carbon emissions from the industries.
