The U.S. and the European Union reached a deal to ease U.S. tariffs on steel and aluminum imports the Wall Street Journal reported this weekend…(WSJ)
- Even though tariffs would remain it would allow limited amounts of European imports to enter the U.S. tariff-free…
- Provisions in the deal require the steel to be made in member countries to qualify for the duty exclusion.
U.S. Commerce Secretary Gina Raimondo that the tariffs would remain, but would allow limited amounts of European imports to enter the U.S. tariff-free…
- “We fully expect this agreement will provide relief in the supply chain and drive down cost increases…Of course, it is also good for the American manufacturers who use steel and aluminum in their products.”
IMPORTANT NOTE: The EU will also drop retaliatory tariffs in return and expressed confidence that the deal would ease supply-chain pressure and high prices.
Kevin Dempsey, president and chief executive of the American Iron and Steel Institute, also praised the agreement saying it would “prevent another steel import surge that would undermine our industry and destroy good paying American jobs.”