Contrary to the expectations of European industrialists, the visit to the US by European Commission President Ursula von der Leyen and European Council President Charles Michel did not result in the signing of an agreement on trade in steel and aluminium products.
It was assumed that this agreement would give European metallurgical companies relatively free access to the American market. At the same time, US and EU steel producers were supposed to join forces in the fight against overcapacity in the global steel industry and to reduce carbon dioxide emissions.
The US demand for the immediate introduction of protective tariffs on Chinese steel products in the EU proved to be an obstacle. European representatives said that such things could only be done legally under WTO rules after a year-long investigation.
The parties said they would continue negotiations. If they fail to reach an agreement by the end of 2023, tariffs of 25% and 10% respectively on imports of European steel and aluminium products into the US will be reintroduced.
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