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EU Grants Ceasefire With US Over Trump’s Steel Tariffs: Solutions Targeted This Year

May 17, 2021 by Forex Winner Leave a Comment

EU Grants Ceasefire With US Over Trump's Steel Tariffs: Solutions Targeted This Year

The European Union has agreed to suspend retaliatory tariffs to make room for discussions with the United States over measures imposed by former President Donald Trump, CNBC reported.

  • The European Commission Spokesperson Valdis Dombrovskis on Twitter said the European Union will suspend tariffs on American steel and aluminum.
  • Dombrovskis said the suspension will make space for the two parties to address the disputes regarding tariffs.
  • Trade representatives from both sides also said they were working to find solutions before the end of the year.
  • The United States slapped a 25% tariff on European steel and 10% tariff on aluminum in June 2018, under the Trump presidency.
  • The EU opposed the move, and imposed retaliatory tariffs on up to 6.4 billion euros after the failure to reach a deal.
  • The second tranche of the measures were scheduled to be implemented in June.

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