The European Union plans to step up its interactions with the United States to create a comprehensive agreement regulating trade in steel and aluminium by October in order to avoid the reintroduction of tariffs affecting billions of dollars of transatlantic trade.
This initiative, called the "Sustainable Global Arrangement on Steel and Aluminium", is aimed at resolving a trade dispute dating back to 2018. The dispute flared up when former President Donald Trump imposed tariffs on metal exports from Europe. Two years ago, both sides tried to find a permanent solution by agreeing to halt their punitive actions.
If they fail to reach a compromise before the deadline of 31 October this year, tariffs on exports exceeding USD 10 billion will automatically resume.