The president of the European Comission (THIS), Úrsula Von der Leyen, and the President of the United States, Joe Biden, adopted this last October 31 measures to restore transatlantic trade flows from steel and aluminum.
“The United States and the European Union have made great progress,” Biden said, adding that they are “ushering in a new era of transatlantic cooperation.”
“It is another key initiative for our renewed forward-looking transatlantic agenda with the United States,” said the leader of the trade bloc.
In this way, the North American nation agreed to eliminate the tariffs that it imposed on exports of steel and aluminum from EU up to a certain threshold, and anything beyond that is still subject to additional tariffs.
Meanwhile, the European side will also suspend its retaliatory rights, effectively ending punitive measures on up to US $ 10 billion in property of each.
The total suspension of tariffs will last for two years, during which time both protagonists of the deal will work towards a global agreement that will permanently end the tariff regime. It would also address the broader problem of low-cost steel and aluminum flooding the market, as well as the environmental cost associated with the industry.
The agreement will seek to restrict access to countries that do not meet global market standards and do not meet the low-carbon requirements of their products, said Dombrovskis, the EU’s trade chief.
In the short term, the United States agreed to allow the EU to export 3.3 million metric tons of steel to the country without additional tariffs, as well as a two-year exclusion for an additional 1.1 million metric tons.
“EE. The US will not apply the tariffs of section 232 (of the Trade Expansion Act) and will allow the tariff-free import of steel and aluminum from the EU in a historic volume ”, he mentioned.
Approximately 18,000 metric tons of primary aluminum and 366,000 metric tons of semi-finished aluminum will be allowed without the tariffs.
The United States imported 2.5 million tonnes of steel from the EU last year and 3.9 million tonnes in 2019, up from 5 million tonnes in 2018 and 2017.
The treaty also contains rules to prevent steel from China from being re-exported without the tariffs to the United States through the EU, US officials said.
It should be recalled that the trade relationship between the EU and the US deteriorated during the term of US President Donald Trump as a result of the imposition in 2018 of tariffs of 25% on EU imports of steel and 10% on aluminum. .
With information from EFE and Bloomberg.
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