5/17, 12:21 PM (Source: TeleTrader)
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EU, US announce tariff truce in metal dispute

The European Union and the United States agreed on Monday they will work towards addressing steel and aluminum excess capacity and the deployment of effective trade measures. The EU also decided to temporarily suspend the increase of steel and aluminum tariffs due in June.

European Commission Executive Vice President Valdis Dombrovskis began discussions with US Trade Representative Katherine Tai and Commerce Secretary Gina Raimondo earlier today, with the three officials agreeing they will avoid taking actions that could negatively affect bilateral trade.

Furthermore, Brussels and Washington reiterated their commitment to holding countries that support trade-distorting policies such as China to account.

Breaking the News / ND