The United States and the European Union announced that they have reached an agreement to ease tariffs on steel and aluminium and to address carbon intensity and overcapacity in a global scale.
As a first step, the US and EU announced that:
• the US will no longer apply the Section 232 tariffs on a certain amount of EU exports of steel and aluminium from 1st January 2022.
• in response, the EU will suspend its rebalancing measures against the US that were introduced in June 2018 in response to the US Section 232 tariffs on steel, aluminium and derivative products.
• In addition, they should consult on government investment in decarbonisation, and prohibit non-market practices with high carbon intensity steel and aluminium production.