Jul. 28 at 5:32 PM
EU & US will develop a metals alliance to mitigate the impact of subsidised Chinese production on global markets as part of their trade deal
EU steel & aluminium makers will be granted a quota system with minimal or zero tariffs to replace President Trump's 50% import tariffs. The system is yet to be finalised.
European Trade Commissioner: "The agreement is clear prospect of joint action on steel, aluminium, copper and the derivatives in what I'd like to call a metals alliance, effectively creating a joint ring-fence around our respective economies through tariff rate quotas at historic levels with preferential treatment,"
At the G7 nations finance meeting in May, officials agreed to tackle "excessive imbalances" in the global economy without explicitly naming China.
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