U.S. and EU reach agreement on steel and aluminum tariffs
On October 30, local time, U.S. Secretary of Commerce Raymondo, U.S. Trade Representative Dai Qi, and U.S. National Security Adviser Sullivan announced that the United States and the European Union have reached an agreement on the issue of steel and aluminum tariffs in order to solve the problems that occurred during the Trump administration. Diplomatic differences.
Trump decided in 2018 to impose tariffs on steel and aluminum products in the European Union and used Section 232 of the US Trade Expansion Act to defend him. According to this clause, the President of the United States has the power to adjust import tariffs when foreign imports pose a threat to the national security of the United States. This action has led to EU countries imposing retaliatory tariffs on American-made motorcycles, bourbon whiskey, peanut butter, and jeans.
According to the announced agreement, certain EU steel and aluminum products will not be subject to tariffs when they are imported into the United States, but the Section 232 tariffs will not be completely abolished, and the EU will abolish retaliatory additional tariffs on American products. Raimundo also added that the agreement also requires that all steel and aluminum products imported to the United States through Europe must be produced entirely in Europe.
Information source: CCTV News Client