It is reported that the United States and the European Union have reached a truce agreement on the tariff dispute on steel and aluminum products.
Bloomberg reported that people familiar with the matter revealed that the Biden administration will announce as soon as next Monday (17th) that it will suspend tariffs on EU steel and aluminum products, and the EU will suspend retaliatory tariffs on US products, including bourbon whiskey.
The US-Europe trade dispute began in 2018. Former US President Trump imposed tariffs on steel and aluminum products in Europe, Asia and other regions on the grounds of threatening national security during his tenure. The EU has announced countermeasures to this end, and plans to double the tariffs on a series of US products to 50% starting June 1st this year.
The source said that in accordance with the agreement between the EU and the Biden administration, the EU will not raise tariffs for the time being, and the two sides will negotiate on the issue of steel overcapacity. The negotiators of the two parties hope that the relevant taxes will eventually be completely abolished, but they are not yet ready to do so.