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EU, U.S. say they took steps to re-establish trade flows in steel and aluminium -Breaking

by Mike Robinson

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© Reuters. U.S. President Joe Biden speaks as European Commission President Ursula von der Leyen watches. The joint statement on steel and aluminium tariffs was made on the sidelines to the G20 leaders summit in Rome (Italy) October 31, 2021. REUTERS/Kev

(Reuters) – The United States of America and the European Union took steps on Sunday to re-establish transatlantic commerce flows in steel, aluminium and other metals, as well as address sector challenges, according to a joint statement.

According to them, as part of this partnership they plan to reach a global deal to tackle global overcapacity and carbon intensity.

The US will not apply Section232 duties, and will permit duty-free importation of steel and aluminium to the EU at an historical-based volume. Additionally, the EU will suspend any related tariffs for U.S.-related products.

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