The US wants to resolve a three-year trade dispute over steel imported from the European Union, with a proposal including a tariff rate quota, replacing US Section 232, according to Bloomberg.
Negotiations on a long-term solution will continue at a meeting of the US-EU Trade and Technology Council on September 29, aiming to find a solution before December 1, SteelOrbis understands.
The US and the EU aim to restore trade flows and have a trading system that complies with the World Trade Organization trade rules, a spokesperson for the European Commission said to Bloomberg.
The US Section 232 tariffs, which became effective on June 1, 2018, were imposed for almost all countries, with additional tariffs of 25 percent and 10 percent on steel and aluminum imports.