US President Joe Biden highlighted the importance of the developing trade relations between the US and the EU following the negotiations for the world's first emissions-based trade agreement for steel and aluminium products in the first year of his presidency.
"We are working closely with our international partners to create more resilient and reliable supply chains for important minerals used in products like electric vehicle batteries. We are also deepening our cooperation with the European Union - negotiating the world's first emissions-based trade arrangement for steel and aluminium to promote fair trade, support clean production and create good jobs on both sides of the Atlantic."
In October 2021, the US and the EU issued a joint announcement declaring a duty-free entry rate for imports of EU steel products into the US, with a tariff rate quota set at a volume of 3.3 million tonnes. Biden believes that the goals of his administration coincide with the interests of European trading partners and that a mutual understanding can be reached that will benefit and protect all countries.
"At the same time, the United States and the European Union are jointly addressing unfair competition from non-market economies and authoritarian regimes and working to eliminate forced labour from global supply chains," he added.
Comments
No comment yet.