The deal on steel and aluminum imports is seen as a compromise that sets the two allies on a new path on trade after years of antagonism
The Biden administration will ease tariffs on steel and aluminum imports from the European Union under an agreement reached Saturday, resolving a Trump-era tension that for years has tarnished trade relations between the longtime allies.
“Today's announcement delivers on President Biden's vision to turn the page on past disputes and begin a new chapter of enhanced trans-Atlantic relations,” U.S. Trade Representative Katherine Tai told reporters on Saturday.Saturday that the deal will not be permanent, describing the latest developments as a "pause" in the dispute. Biden and European Commission President Ursula von der Leyen will announce more details on Sunday, he noted.
Trump stoked the ire of trading partners around the world when he announced tariffs on steel and aluminum imports in 2018, arguing that inexpensive foreign imports were unfairly undermining U.S. producers and thus posing a threat to national security. His administration brokered alternative trade measures with Canada, Mexico and other allies, but kept the EU duties in place.
The deal also contains a “melted and poured” standard that, as the name suggests, requires tariff-free metals be melted and poured in Europe, another senior administration official said. U.S. steel producers lobbied for those rules to be included in order to prevent steel from China and other countries from being passed off as an EU product.
“Proper implementation and enforcement of the [limits] will be crucial to ensuring that the new measures are effective in meeting these critical objectives,” Kevin Dempsey, the president and CEO of the American Iron and Steel Institute, said in a statement. “We hope that with the conclusion of this agreement, the United States and the EU will now work on a common action plan for challenging non-market industrial policies and other government interventions that fuel overcapacity in steel.
Various U.S. exports such as orange juice, whiskey and Harley-Davidson motorcycles have also been hit with 25 percent retaliatory tariffs from the EU, which had been slated to double in June before both sides started negotiations. The penalties turned a wide range of U.S. industries, including food and manufactured goods, into collateral damage and ratcheted up the pressure on Biden to cut a deal.
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US, EU reach agreement to settle rift over Trump-era tariffsROME (AP) — The U.S. and European Union have reached an agreement to settle their diplomatic rift over Trump-era steel and aluminum tariffs, the White House announced Saturday, as President Joe Biden is in Rome attending the Group of 20 summit.
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