United States have managed to reach a truce with the European Union in a dispute over U.S. metals tariffs imposed by former president Donald Trump, Reuters reports.
The U.S. Trade Representative and the European Commission have engaged in a dialogue on global overcapacity in steel and aluminium, aiming to find solutions by the end of the year with regards to the excess capacity and ensure the long-term viability of the steel and aluminum industries.
The bloc had previously proposed to suspend all duties on each other’s products for six months while negotiations on a long-term solution continue. EU agreed to suspend a proposed hike in its retaliatory tariffs that would have doubled in June to 50% duties on U.S. bourbon whiskey, Harley-Davidson motorcycles and Levi Strauss jeans, among other products.
The high-profile dispute started in 2018 under former president Donald Trump with U.S. imposing 25% tariff on European steel and 10% tariff on aluminum on the grounds of national security, while EU decided to take the case to the WTO and impose retaliatory measures on U.S. exports, including Bourbon whiskey, peanut butter and orange juice.
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