The United States and the European Union have announced a settlement on a dispute over duties on steel and aluminium, AP reports
“The agreement allows us to allow duty-free imports of limited amounts of steel into the US, while at the same time it protects the US steel industry by ensuring that all steel entering the US through Europe is produced entirely in Europe”, – said US Commerce Secretary Gina Raimondo.
For too long, she said, China had been sending “its cheap steel to the US through Europe and other markets”, resulting in lower prices and an inability for the US steel and aluminium industry to compete.
“We have agreed with the US to suspend our trade dispute on steel and aluminium”, – European Commission deputy head Valdis Dombrovskis wrote on Twitter.