Ultimately, Washington agreed to lift part of the tariffs imposed byDonald Trump in 2018 (25% on steel and 10% on aluminium). European exports will be exempt from Section 232 tariffs to the tune of US$6.7 billion (US$5.5 billion for steel and US$1.2 billion for aluminium). This suspension will be implemented on 1 January 2022.
According to the Commission, this tariff quota corresponds to the historical trade volume between the EU and the US and will avoid up to €1.5 billion in tariffs. [...]
In the European Parliament, the chairman of the Committee on International Trade, Bernd Lange (S&D, Germany), also welcomed the arrangement. “While the Section 232 tariffs will not be fully eliminated, the partial removal of the tariffs is an important step in de-escalation and shows that this administration is committed to work ing with us”, he said.