US, EU bury hatchet over steel and aluminum

US Secretary of Commerce Gina Raimondo.

© REUTERS / Kevin Lamarque / File Photo

Text by: RFI Follow

1 min

The end of a trade battle between the United States and Europe.

The two sides agreed on tariffs on imports of aluminum and steel.

The announcement was made as the G20 summit is taking place.

This agreement puts an end to a conflict that arose 3 years ago.  

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With our correspondent in Washington

,

Loubna Anaki 

Details of the deal have yet to be clarified, but the US Secretary of Commerce hails a "

historic deal

." 

Gina Raimondo explains that the United States will maintain 25% tariffs on European steel and 10% on aluminum.

But limited quantities of these materials will be exempt provided they are produced entirely within the European Union.

In return, the EU is reversing its decision to increase its customs duties on certain American products to 50%.

A measure which was to come into force on December 1 and which concerned in particular Harley Davidson motorcycles, American whiskey or even Levis Jeans.

This agreement puts an end to a standoff caused by Donald Trump behind the increase in tariffs on European steel and aluminum imports. 

It is also stepping in at a time when the world is experiencing major supply problems.

The US Secretary of Commerce says she hopes to reduce her problems and their consequences on costs.

Since the start of the pandemic, the price of steel has more than tripled.

Today it reaches $ 1,900 per tonne. 

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  • United States

  • European Union

  • Raw materials

  • Trade and Trade

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