The European Union (EU) Sunday welcomed an agreement with the US to pause the bilateral World Trade Organization disputes on steel and aluminium.
They also agreed to start discussions on a Global Arrangement on Sustainable Steel and Aluminium following a meeting between European Commission President Ursula von der Leyen and US President Joe Biden at the margins of a G20 summit in Rome, Italy, today.
“The global arrangement will add a powerful new tool in our quest for sustainability, achieving climate neutrality, and ensuring a level playing field for our steel and aluminium industries,” said von der Leyen in a statement.
“Defusing yet another source of tension in the transatlantic trade partnership will help industries on both sides. This is an important milestone for our renewed, forward-looking agenda with the US,” she added.
Following the United States’ announcement that they will remove Section 232 tariffs on EU steel and aluminium exports up to past trade volumes, the European Union will take the steps to suspend its rebalancing measures against the United States, she noted
