After years of strained relations in transatlantic trade, the EU and the US have agreed to cut reciprocal customs tariffs and return to partnership in trade and climate issues, Belgian news portal EurActiv reports.
On Sunday, October 31, the EU and the US stated they had taken «joint steps to re-establish historical transatlantic trade flows in steel and aluminium» and committed to «strengthen their partnership and address shared challenges in the steel and aluminium sector.» In 2018, the previous US government had imposed tariffs on steel (25%) and aluminium (10%) imports, mainly targeting cheap imports from China; however, also affecting European exporters.
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Retaliating, the EU imposed tariffs on US imports and started a case against the US tariffs at the World Trade Organisation. The US government has now decided to withdraw those tariffs in return for which the EU revoked its own retaliation measures against iconic US products like Harley-Davidson motorcycles, Levi’s jeans and Kentucky whiskey.
EurActiv reports, that in a press conference, European Commission President Ursula von der Leyen noted: «This marks a milestone in a renewed EU-US partnership. (..) We have restored trust and communication.»
Brussels and Washington agree to cut tariffs ending trade row
