The United States has agreed to reduce tariffs on EU steel in return for a relaxation of counter-tariffs on US products, both sides said.
The European Union and the United States have reached an agreement to rein in tit-for-tat tariffs that date back to the Trump administration, officials announced on Saturday.
More European-made steel will enter the United States while the EU will tax motorcycles, bourbon whiskey, peanut butter and jeans at only 25% instead of a proposed 50%.
The agreement would make sure “that all steel entering the US via Europe is produced entirely in Europe,” US Commerce Secretary Gina Raimondo added. This would stop Chinese subsidized steel being processed in Europe before being sent to the US.
While US officials did not say how much steel would be imported from the EU, sources told Reuters news agency that annual volumes above 3.3 million tons would be subject to tariffs.