The European Union and the United States have reached agreement on a resolution of their dispute over import duties imposed in 2018 on European steel and aluminum, senior US trade officials announced on Saturday at the G20 summit in Rome.
The agreement was confirmed by the European Commission. According to Trade Commissioner Valdis Dombropvskis, Brussels and Washington have agreed to put their trade dispute on hold and begin a partnership to achieve a “sustainable global agreement for steel and aluminum.”
Customs duties of 25% on steel and 10% on aluminum were introduced in 2018 by then US President Donald Trump. The EU came out against the tariffs and hit back with duties on U.S. products such as Harley-Davidson engines, Levi Strauss jeans and whisky.
Like the EU, Trump’s successor, President Joe Biden was always in favour of abolishing the tariffs, despite pressure from the US steel industry.
The full agreement is to be laid out on Sunday by President Biden and European Commission President Ursula von der Leyen, according to Belga news agency.