Commerce Secretary Gina Raimondo; Ambassador Katherine Tai, the U.S. Trade Representative; and European Commission executive vice president Valdis Dombrovskis appear to have made a breakthrough in the negotiations of a trade war started during the Trump administration.
Dombrovskis confirmed the news in a tweet Monday morning that summarized a virtual meeting that took place last week.
“In our effort to reboot trans-Atlantic relations, EU will temporarily suspend the increase of its rebalancing measures on U.S. 232 steel & aluminum tariffs. This gives us space to find joint solutions to this dispute & tackle global excess capacity,” Dombrovskis tweeted.
Both sides released a joint statement that reads, in part:
“The leaders acknowledged the need for effective solutions that preserve our critical industries and agreed to chart a path that ends the WTO disputes following the U.S. application of tariffs on imports from the E.U. under Section 232.”
Click here to read the full report from Jeff Moser in Trade Only Today.
