The Joe Biden administration and representatives of the European Union have reportedly crafted an agreement that addresses rolling back some of the tariffs put in place during the Trump White House years, possibly including some involving steel and aluminum.
The immediate effects of the agreement tie into tariffs on items including motorcycles and distilled spirits and accusations of subsidies in the aircraft sector. The seven-page document, which Reuters says it has seen, also states in part, “We commit to work toward lifting before December 1, 2021, all additional/punitive tariffs on both sides linked to our steel and aluminum dispute.”
The news agency says the U.S. and EU will continue to negotiate for the next six months regarding “global excess metals capacity largely centered in China” and how to address the 25 percent tariff on imported steel and 10 percent tariff on aluminum imposed by the Trump administration as its remedy.
About a dozen EU nations also have steel import quotas in place as a remedy to the perceived global overcapacity problem.