US Drops Tariffs on European Steel, Aluminum

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The U.S. Department of Commerce announced October 31 that it would drop tariffs on steel and aluminum imported from the E.U. and replace them with a quota system to allow for some duty-free tax imports. In exchange, the E.U. dropped its own retaliatory tariffs on imported U.S. goods like bourbon and Harley-Davidson motorcycles. The deal also includes a framework for the U.S. and E.U. to cooperate on environmental standards and global steel overproduction in the future. Instead of a static import on all tariffs, the new tariff-rate quota system will allow for duty-free imports above a certain tonnage per year, after which new tariffs of 25% on steel and 10% aluminum will kick in. Although officials did not disclose how much steel would be let in before tariffs are applied, a source cited by Reuters put the number at 3.3 million tons.

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