Taxes on steel and aluminum reach $ 10 billion in the US and EU

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The United States and the European Union have reached a trade agreement on steel and aluminum. The deal would allow the removal of more than $ 10 billion a year in taxes on respective exports, which would put an end to a conflict that has dragged on since the days of the Trump administration. The deal was announced by US Secretary of Commerce Gina Raymondo and Trade Representative Catherine Toy on the sidelines of the Summit of the 20 Greatest Economic Forces in Rome on Saturday.

Biden’s “adjustment” after three years of conflict

The conflict between the US and the EU began three years ago in 2018 when Donald Trump imposed a 25% tax on steel imports from the EU, but in recent months we have tried to tighten the negotiating time to reach an agreement by the end of this year. .

In recent days, at the G20 trade in Toronto, EU Commissioner Valdis Dombrovsky talked about his meeting with US Trade Representative Catherine Toy, who will continue to negotiate Trump’s tariffs on steel and aluminum, and I will make sure I find it. A “continuous” contract. Following that, Economic Development Minister Giancarlo Giorgitti clarified that “Italy supports the steel import tax policy in Europe.” They plan to restructure tariff policies, and perhaps Europe will also need to update its tools.

Even with regard to the most recent frictions between Brussels and Washington, the torn ceasefire today is part of the climate of resistance between the EU and the United States initiated by President Biden. Relations between the two sides of the Atlantic became more heated The “Aukus” affair, The anti-Chinese axis between the United States, the United Kingdom and Australia has pushed the EU out of the game and unleashed the wrath of Emmanuel Macron on France.