Wednesday, August 10

US, EU end tariff war over steel, aluminum, focus on Chinese overcapacity

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WASHINGTON — The United States and the European Union have agreed to resolve their long-running trade dispute over US steel and aluminum tariffs, averting a spike in EU retaliatory tariffs on US motorcycles, bourbon and other products, US Commerce Secretary Gina Raimondo said on Saturday .

Raimondo said the deal will maintain US Section 232 steel and aluminum tariffs imposed under former President Donald Trump, while allowing a limited amount of EU products to enter the United States and helping both economies face the “shared challenge” of global excess capacity produced mainly by China. (Reporting by Andrea Shalal and David Lawder; Editing by Daniel Wallis)