The Biden administration in the US could soon announce a truce with the EU over tariffs, according to Bloomberg. The US and the EU may in fact decide to refrain from increasing the tariffs in force and to engage in a dialogue on steel overcapacity. The European Union had already proposed to suspend all duties on their respective products for six months while negotiations on a long-term solution continue. According to sources interviewed by Bloomberg, both sides are working to get the tariffs removed, though they "are not yet ready to do so." Next month, President Joe Biden will attend a US-EU summit in Brussels during his first foreign trip as a US leader. Biden and the European leaders will discuss trade cooperation, the White House said.
In the United States, a 25 percent duty on steel imports and a 10 percent duty on aluminum imports have been in force since March 2018, when they were introduced by Donald Trump using the Trade Expansion Act of 1962. The EU responded to these measures a few months later imposing additional duties on the import of a series of US products, including Harley-Davidson motorcycles, Levi Strauss & Co. jeans and bourbon whiskey.