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U.S. announces deal with European Union to ease steel and aluminum tariffs enacted under Trump
Source: Washington Post
The Biden administration has struck a deal with European Union officials to lift some tariffs on steel and aluminum imports, resolving at this year’s Group of 20 summit a bitter trade standoff that began under president Donald Trump three years ago.
The deal, announced Saturday, allows “limited volumes” of steel and aluminum products from the E.U. to enter the United States tariff-free, Commerce Secretary Gina Raimondo said.
In return, the E.U. will drop its retaliatory tariffs on American goods. The E.U. had been poised to boost tariffs to 50 percent on various U.S. products, including Harley-Davidson motorcycles and bourbon from Kentucky.
“This agreement is significant in that it will reduce costs for American manufacturers and consumers,” Raimondo said.
The deal, announced Saturday, allows “limited volumes” of steel and aluminum products from the E.U. to enter the United States tariff-free, Commerce Secretary Gina Raimondo said.
In return, the E.U. will drop its retaliatory tariffs on American goods. The E.U. had been poised to boost tariffs to 50 percent on various U.S. products, including Harley-Davidson motorcycles and bourbon from Kentucky.
“This agreement is significant in that it will reduce costs for American manufacturers and consumers,” Raimondo said.
Read more: https://www.washingtonpost.com/world/2021/10/30/g20-biden-live-updates/#link-L3FAA4WM7RHTPHOG2JV24ETXJE
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