The U.S. and European Union are celebrating a new agreement settling their diplomatic rift over Trump-era steel and aluminum tariffs.
President Joe Biden and European Commission president Ursula von der Leyen talk to reporters about pausing the trade war over steel and aluminum tariffs during the G20 leaders summit, Sunday, Oct. 31, 2021, in Rome.
The U.S. president said “dirty steel” made in China would be restricted from accessing their markets, though all like-minded economies could participate in the agreement. “It will be a major step forward in achieving climate neutrality and it will ensure a level playing field,” she said, adding that the agreement was part of a renewed, forward-looking agenda with the U.S.
The Trump administration had placed taxes on EU steel and aluminum in 2018, claiming the foreign products made by American allies were a threat to U.S. national security. The European Union took steps in May to improve relations. On some retaliatory tariffs, the EU temporarily suspended planned increases. This meant that American whiskey faced a 25% tax in Europe, instead of a planned 50% tax. The two sides faced a December deadline to avoid the higher tax rate.
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