European Commission Executive Vice President Valdis Dombrovskis, United States Trade Representative Katherine Tai and US Secretary of Commerce Gina M. Raimondo announced in a joint statement (below) that the United States and European Union would enter into discussions on global steel and aluminum excess capacity.

As part of the agreement, the EU will delay doubling its retaliatory tariffs on US whiskey imports and other products that were set to take effect on June 1, 2021.  The deal announced today commits both sides to “finding a solution before the end of the year that will demonstrate how the US and EU can address excess capacity, ensure the long-term viability of our steel and aluminum industries, and strengthen our democratic alliance.”

Here’s a link to the joint EU-US Statement: https://trade.ec.europa.eu/doclib/press/index.cfm?id=2271

For those with a subscription, here’s a link to a Wall Street Journal Opinion piece on the “failed steel and aluminum tariffs” citing the recent Coalition of American Metals Manufacturers and Users (CAMMU) letter to the Biden Administration.  https://www.wsj.com/articles/how-trumps-steel-tariffs-failed-11621288859?mod=hp_opin_pos_3

Here’s a link to the CAMMU letter: https://www.tariffsaretaxes.org/sites/default/files/2021-05/FINAL_Business%20Letter%20to%20Presiden%20Biden%20232%20Business.pdf