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EU and US slash tariffs, start cooperating on ‘green steel’
(EurActiv, 1 Nov 2021) The US and EU on Sunday (31 October) agreed to end their trade dispute on steel and aluminium and announced steps to promote low-carbon steel production – a move analysts said could open the door to a new way of organising trade around climate objectives.
In a joint statement, the EU and the US announced they had taken “joint steps to re-establish historical transatlantic trade flows in steel and aluminium” and committed to “strengthen their partnership and address shared challenges in the steel and aluminium sector.”
In 2018, the Trump administration had imposed tariffs on steel (25%) and aluminium (10%) imports, mainly targeting cheap imports from China, but also affecting European exporters.
In response, the EU imposed tariffs on US imports and started a case against the US tariffs at the World Trade Organisation (WTO).
The US have now decided to withdraw those tariffs in return for which the EU revoked its own retaliation measures against iconic US products like Harley-Davidson motorcycles, Levi’s jeans and Kentucky bourbon.
“The United States and the European Union are ushering in a new era of transatlantic cooperation that’s going to benefit all of our people, both now and I believe in the years to come,” Biden said in a press conference with European Commission President Ursula von der Leyen at the G20 summit.
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EurActiv, 1 Nov 2021: EU and US slash tariffs, start cooperating on ‘green steel’
