The European Union and the United States have reached a deal to impose new tariffs on steel from China. The deal should better equip the two superpowers against an oversupply of steel from that country, Bloomberg News reported on the insider.
The measures will primarily target steel imports from China, but other countries may also be targeted with additional steel tariffs. According to sources, the height and scope of the rates are still being debated.
The agreement will be part of a deal being negotiated by the EU and the Biden administration starting in 2021. In 2018, US President Donald Trump imposed tariffs of 25 percent on steel imports and 10 percent on aluminum imports from all countries in the world. According to Trump, the US steel industry is being destroyed by cheap imports.
This led to a major trade dispute with the EU, which threatened counter-tariffs. In 2021, the EU and US agreed to end the dispute and instead work together to promote sustainable steel and aluminum production globally.
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