EU, U.S. say they took steps to re-establish trade flows in steel and aluminium

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U.S. President Joe Biden and European Commission's President Ursula von der Leyen speak about steel and aluminium tariffs

– The United States and the European Union on Sunday took steps to re-establish transatlantic trade flows in steel and aluminium, and address the challenges in the sector, they said in a joint statement.

As a part of that partnership, they intend to negotiate a global arrangement to address carbon intensity and global overcapacity, they said on Sunday.

“The United States will not apply section 232 duties and will allow duty-free importation steel and aluminium from the EU at a historical-based volume and the EU will suspend related tariffs on U.S. products”, they said.

(Reporting by Kanishka Singh in Bengaluru; Editing by Alison Williams)