The European Union has agreed to a partial truce with the United States in a dispute over metal tariffs imposed by former president Donald Trump and to start discussions on global overcapacity and China's "trade-distorting" policies. The European Commission, which oversees EU trade policy, said on Monday it would suspend a planned hike of retaliatory tariffs for up to six months.
The European Union is concerned that time is running out for the United States to remove tariffs imposed by former President Donald Trump on steel and aluminium, a senior EU trade official said on Thursday. Citing U.S. national security grounds the Trump administration in 2018 imposed tariffs of 25% on EU steel and 10% on aluminium - measures that steelmakers such as Thyssenkrupp and Voestalpine have said they were affected by. The EU denied its exports pose any security threat and responded by placing its own tariffs on 2.8 billion euros ($3.4 billion) of U.S. products, including motorbikes, whisky and orange juice.