The United States and the European Union ended a dispute over steel and aluminum tariffs on Sunday and said they would work on a global steel and aluminum deal to fight the “dirty” production and overcapacity of industry.
Here are some key details about the deal:
– US will not enforce Section 232 duties imposed by former President Donald Trump and allow duty-free importation of steel and aluminum from the EU at historic volume .
– The EU will suspend tariffs on US products like whiskey, motorboats and Harley-Davidson motorcycles, imposed in retaliation for tariffs on steel and aluminum.
– The EU and US will negotiate what they call the world’s first carbon-based sectoral agreement on steel and aluminum trade by 2024, with their deal aimed at tackling the carbon intensity and global overcapacity.
– The two sides said they will work to restrict access to their markets for âdirty steelâ and limit access to âcountries that dump steelâ in their markets, which all contribute two to an oversupply in the world.
– The United States also released a consultation that brought together what it called “like-minded nations” like Japan and Britain on issues related to steel and aluminum, in focusing on the impacts of overcapacity on global steel and aluminum markets.