US, EU eye global coalition to fix steel, aluminum markets

US, EU eye global coalition to fix steel, aluminum markets

Admin 45 mins ago News

Bloomberg

The US and the European Union (EU) clinched a tariff-busting trade accord over the weekend that they’ll try to leverage into a broader global arrangement that would penalise countries that don’t meet low-carbon targets for steel and aluminum exports. President Joe Biden and European Commission President Ursula von der Leyen hailed the agreement on Sunday in Rome on the sidelines of a meeting of leaders from the Group of 20 countries. “The US and the EU Union have reached a major breakthrough,” Biden said, adding that they’re “ushering in a new era of transatlantic cooperation.” Von der Leyen said the deal would alleviate significant elements of irritants to US-EU trade relationship and comes amid renewed “trust and communication” since Biden took office. “It is yet another key initiative for our renewed forward-looking, transatlantic agenda with the United States,” she said. The US agreed to remove the duties it placed on EU steel and aluminum exports up to a certain threshold, with anything beyond that still subject to the additional tariffs. The EU will also suspend its retaliatory duties, effectively ending punitive measures on as much as $10 billion of each other’s goods. The full suspension