The United States and European Union announced an end to the trade conflict of steel and aluminum tariffs, welcome news for agriculture.
The United States will not apply section 232 duties and will allow duty-free importation of steel and aluminum from the EU at a historical-based volume, and the EU will suspend related tariffs on U.S. products. They will also consider reducing carbon in the steel and aluminum supply chain as part of the agreement, including greater incentives to reduce carbon across steel and aluminum production.
The U.S. Trade Representative’s Office states the global arrangement reflects a joint commitment to use trade policy to confront the threats of climate change and global market distortion. American Farm Bureau Federation President Zippy Duvall called the agreement welcome news, adding, “farmers were swept up in the turmoil as the EU clamped down on U.S. agricultural exports like orange juice, butter, cheese, pork, nuts and many more.”