The U.S. and EU have reached an agreement to lift U.S. tariffs on some steel and aluminum products coming from Europe, beginning Dec.1, the White House announced Sunday. This agreement sets a threshold for the amount of steel and aluminum coming from the EU before being subject to tariffs.
In return, the EU states that it will remove its retaliatory tariffs worth billions of dollars on bourbon and other American-made products, according to a report from the European Commission.
This is a two-year agreement, over which time the U.S. and the EU will begin negotiating a new deal to permanently lift tariffs while pressuring other countries to reduce carbon emissions from metal making processes, the White House said. According to Supply Chain Dive, under this agreement will:
- Affect 70 aluminum and steel product categories.
- Replace the 10% and 25% tariff rates that were previously enforced on steel and aluminum products.
- Allow the U.S. to import an annual volume of 3.3 million metric tons of steel before tariffs go into effect.
- Allow the U.S. to import an annual volume of 18,366 metric tons of semi-finished before tariffs go into effect.