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31 Oct 2021

U.S and EU Create New Trade Deal to Remove Tariffs on Exports

U.S and EU Create New Trade Deal to Remove Tariffs on Exports

The Index Today

In recent news, The European Union and the U.S have agreed to remove tariffs on steel and aluminum to boost exports worth $10 billion each year. On Saturday, negotiations were in the works to determine a balance between market demands and climate change.

Both sides have are working to finalize a deal before the 1st of December this year. The U.S Secretary of Commerce told reporters, “We’ve reached an agreement with the EU which maintains the 232 tariffs, but allows limited volumes of EU steel and aluminum to enter the U.S tariff-free. It was a very successful negotiation and we agreed on a way forward for how to face our shared challenge which is global access capacity mainly by China.”

The new deal is expected to help strengthen and fix the relationship between both regions. U.S officials have said tariff-rate quotas means both countries can export products in certain quantities at notably lower duty rates. The tariffs rate are expected to be announced later. According to reports, the U.S imported over 2.5 million tons of steel from the EU last year.