On the first day of the Group 20 leaders summit in Rome, officials announced that the U.S. and the European Union (EU) reached a deal that will ease U.S. tariffs on steel and aluminum imports. The tariffs, which date back to former President Donald Trump, were levies that made European leaders unhappy, according to the Wall Street Journal.
Saturday’s agreement on tariffs ends a trade dispute between the U.S. and the EU which created much tension and targeted the EU, Japan and China, WSJ reported. In a tweet on Saturday, European Trade Commissioner Valdis Dombrovskis said: “We have agreed with [the U.S.] to pause our steel and aluminum trade dispute and launch cooperation on a Global Arrangement on Sustainable Steel and Aluminum.”
The new arrangement will allow limited amounts of European imports into the U.S. tariff-free, according to U.S. Commerce Secretary Gina Raimondo. On Saturday, she also said the EU would drop retaliatory tariffs, with the hope that the new arrangement will ease supply-chain issues and high costs. The tariff news comes at a time when manufacturers are facing the highest prices in years on aluminum and steel, with companies struggling to make cars, cans and other products.