US and EU move forward in pact to end Trump-era steel feud

US President Joe Biden said on Oct. 31 that a new US-European Union trade agreement would clamp down on “dirty steel” that produces carbon emissions blamed on climate change and also repair a transatlantic rift opened during the era of Donald Trump.

Biden and European Commission President Ursula von der Leyen said on the 31st in a joint appearance at the G20 summit that the agreement represented a renewed partnership on economic and environmental issues. The pact that will resolve the trade dispute should put an end to distortions in the steel and aluminum market and will create conditions to reduce the carbon intensity for the production of alloys that contribute to warming the earth.

The US president said that “dirty steel” made in China would not have access to its markets, although all economies with similar interests could participate in the agreement.

In exchange for Europe abandoning its retaliatory tariffs, the US would also ensure “that all steel entering the US from Europe is produced entirely in Europe,” Raimondo said.

Tariff easing is a key step in undoing one of Donald Trump’s legacies as president as Biden sought to redefine US relations with Europe.

Source:  Valor Econômico

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https://valor.globo.com/mundo/noticia/2021/11/01/eua-e-ue-avancam-em-pacto-para-por-fim-a-rixa-da-era-trump-sobre- aco.ghtml

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