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G20 summit: Biden announces agreement with EU to settle Trump-era steel, aluminum tariffs

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U.S. President Joe Biden, alongside European Commission President Ursula von der Layen, announced Sunday an agreement that tariffs on European steel and aluminum will be brought back to previous levels and the EU's retaliatory tariffs on the U.S. would be dropped.

The tariffs had been put in place during the Trump administration in 2018, under the claim foreign products produced by American allies were a threat to U.S. national security.

European and other allies were outraged by then-president Donald Trump's move and resulted in many countries to impose counter-tariffs on U.S.-made items like motorcycles, bourbon, jeans and even peanut butter and jam.

Article 232 tariffs won't be removed entirely but, some quantity of European steel and aluminum will be allowed to enter the U.S. without tariffs under the deal.

For more info, please go to https://globalnews.ca/news/8337992/us-eu-tariff-agreement/
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Category
U.S. & Canada
Tags
global news, Joe Biden, Ursula von der Layen
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