The U.S. and European Union have reached an agreement to settle their diplomatic rift over Trump-era steel and aluminum tariffs, the White House announced Saturday, as President Joe Biden is in Rome attending the Group of 20 summit.
ROME —
“We were able to reach an agreement whereby the EU will drop their retaliatory tariffs ,” Raimondo said. The agreement would ensure “that all steel entering the U.S. via Europe is produced entirely in Europe,” Raimondo added. The European Union took steps in May to improve relations. On some retaliatory tariffs, the EU temporarily suspended planned increases. This meant that American whiskey faced a 25% tax in Europe, instead of a planned 50% tax. The two sides faced a December deadline to avoid the higher tax rate.The summit’s host, Italian Premier Mario Draghi, in a statement Saturday night expressed “great satisfaction “ for the tariff accord.
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