December 6, 2021

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EU waives additional taxes on steel and aluminum

An agreement was reached on Saturday between Brussels and Washington to put an end to the move, which was decided by Donald Trump in June 2018. In return, the EU will not impose the expected retaliatory measures.

The United States and the European Union reached an agreement on Saturday to remove additional tariffs on European imports of steel and aluminum, which have affected trade relations between Washington and Brussels since the Trump administration imposed the tax.

US Trade Secretary Gina Raymondo announced the deal.Historical“Who’s Going”Maintain some tariffs but allow less European imports of iron and aluminum into the United States duty free.

Administration Minister Biden said in a conference call from Rome that the retaliatory measures announced by the EU to take effect on December 1 on products such as Harley-Davidson motorcycles or the Kentucky Bourbon would not be implemented.

European Trade Commissioner Valdis Dombrovsky announced in a tweet: “We agreed with the United States to end the steel and aluminum trade dispute and to begin cooperation on a global agreement on sustainable steel and aluminum..

Security measures decided by Trump

In June 2018, the Trump administration imposed additional tariffs of 25% on steel and 10% on aluminum from many parts of the world, including the European Union, arguing the need to protect national security.

The Europeans responded quickly by planning to tax motorcycles, jeans (including Levy) or tobacco, corn, rice or orange juice coming from the United States.

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When it was announced last June that the dispute over subsidies for Airbus and Boeing would be resolved, Washington and Brussels were given until December 1 to find a steel deal, otherwise the EU would raise its tariffs.

These businesses faced 50% retaliation taxes.“Ms. Raymondo recalled products made in the United States. “No business can afford this. 1.7 million Americans live off the spirits industry and there are 5,600 workers at Harley-Davidson. All of these jobs are protected by this agreement.

The announcement, made on the first day of the G20 summit in Rome, did not specify the amount of duty-free steel and aluminum imports.

We expect this deal to ease the supply chain and reduce cost increasesThe U.S. Secretary of Commerce reiterated that economies are struggling with disruptions in the production and distribution of key industrial goods.

The agreement states that all steels imported from Europe to the United States will be fine.Made entirely in Europe5, the US administration insisted.

It is also seen as a framework for future negotiations for an agreement between the EU and the United States on how to better take into account the carbon intensity of production of these products. “This means that both the United States and the European Union produce steel and aluminum, which are purer than the steel produced in China..