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EU and US eliminate tariffs on steel and aluminum

On the sidelines of the G20 negotiations in Rome, Gina Raimondo, US secretary of trade, and Katherine Tai, trade representative, announced a truce between the US and the EU on steel and aluminum.

A new transatlantic balance

The agreement will remove tariffs on more than $ 10 billion of their annual exports. The period of trade tensions, that had been dragging on since the Trump administration, thus ends. In 2018, the former American president had in fact imposed duties of 25% on the import of steel from the EU. But in recent months, as we said, we have worked diligently to reach an agreement before the end of the year.

Common force for decarbonization

The agreement on steel and aluminum confirms the climate of relaxation inaugurated by the Biden presidency, albeit with the frictions associated with the “Aukus” affair.

And President Von der Leyen points out that the agreement represents a key and far-sighted initiative in the transatlantic agenda. It will also make it possible to move towards carbon neutrality and ensure equal opportunities for European companies.

Source: Il Sole 24 Ore

Read also: Steel market 2021/22: Worldsteel data and forecasts

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