Posted on 14 Sep 2021
The US planned to end the steel-tariff fight by submitting an initial offer to the EU to resolve a three-year dispute over steel imports. The offering involved a tariff-rate-quota system, and intensive discussions are carrying on.
Tariff-rate quotas allow countries to export specified quantities of a product to other nations at lower duty rates. The US planned to find a solution before December 1.
Both sides have agreed to restore historic trade flows and to have a system that is compliant with WTO rules on trade.
The former US president claimed the tariffs were necessary to protect the domestic industry. The global steel overcapacity was mainly caused by China, so the US and EU must cooperate together to solve the problems addressed and try to resolve the steel and aluminum dispute by the end of the year and rebuild their economic alliance.
Source:Yieh
