(Reuters) – On Sunday, the United States and European Union ended a row over tariffs on steel and aluminum and announced that they will work together to create a global agreement on steel and Aluminiumm in order to reduce “dirty production” and excess capacity.

Here are some details:

Section 232 tariffs, which Donald Trump imposed on the United States in 2016, will be repealed and duty-free importation will be permitted from the EU.

– In response to steel and aluminum tariffs, tariffs imposed by the EU on U.S.-made products such as whiskey, power boats, and Harley-Davidson (NYSE 🙂 bikes will be suspended.

– By 2024, the United States and EU will be negotiating what they describe as the first global carbon-based sectoral agreement on steel and aluminium trade. Their arrangement is intended to reduce carbon intensity and overcapacity.

– Both parties stated they were going to work together to reduce access to markets for “dirty metal” as well as to stop access to countries that “dump steel” from their markets. These two factors contribute to global oversupply.

– In addition, the United States published a consultative that included “like-minded countries” such as Japan and Britain. It focused on steel and aluminium issues and emphasized the impact of excess capacity on global markets.

These are some LINKS

U.S. Commerce Dept. Publishes Consultations With Japan and the UK on Steel and Aluminum: http://

U.S.-EU agreements on global steel- and aluminum excess capacity, and carbon intensity http://