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Trade

US and EU reach metals tariff truce to focus on mutual rival China

Biden looks to mend ties with Brussels but faces tricky political landscape at home

A steel plant in Salzgitter, Germany: Germany was the fifth-largest exporter of steel to the U.S. in 2020.   © Reuters

WASHINGTON -- The U.S. and the European Union agreed this week to resume talks on lifting American steel and aluminum tariffs in a step toward resolving trade tensions as both sides see a more pressing challenge in China.

Washington and Brussels promised to refrain from further tariff hikes while negotiations are in progress, shelving an EU plan to double retaliatory duties on American goods to 50% on June 1.

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