The U.S. and Europe announced an agreement to resolve the steel and Aluminum tariff dispute
Introduction: US President’s Assistant to the State Affairs Sullivan, Secretary of Commerce Raymondo, and Trade Representative Dai Qi announced at a media briefing on the 30th that they have reached an agreement with the European Union to resolve the three-year dispute over tariffs on steel and aluminum.
US President’s Assistant to the State Affairs Sullivan, Secretary of Commerce Raymondo, and Trade Representative Dai Qi announced at a media briefing on the 30th that they have reached an agreement with the European Union to resolve the three-year dispute over tariffs on steel and aluminum.
Raimundo said that according to the agreement reached between the United States and Europe, the United States will continue to maintain the additional tariffs imposed on imported steel and aluminum products under “Section 232”, but allow a “limited number” of EU steel and aluminum products to enter the US market without tariffs. In exchange, the EU will abandon the implementation of corresponding further retaliatory tariff measures.
Raimondo said that this agreement will help reduce the cost of tariffs for US manufacturers and consumers. She pointed out that the EU originally planned to increase the retaliatory tariffs on some US products to 50% starting from December 1. Once implemented, it will affect the survival and employment of many US companies.
Dai Qi said that the United States and Europe have also agreed to suspend trade lawsuits related to “Section 232” tariffs in the trade organization.
Myron Brillent, executive vice president of the American Chamber of Commerce, issued a statement on the same day that the agreement will bring some comfort to American manufacturers suffering from soaring steel prices and supply shortages, but further action is needed because the United States The “Section 232” tariff and quota restrictions on steel and aluminum products in many other countries still exist.
In March 2018, the then U.S. President Trump imposed 25% and 10% tariffs on imported steel and aluminum products on the grounds of safeguarding the country in accordance with Article 232 of the U.S. Trade Expansion Act of 1962. Widespread opposition from the industry and the international community has triggered a protracted dispute over tariffs on steel and aluminum in the United States and Europe.
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