Over the weekend, the United States and European Union agreed to suspend the tariffs on steel and aluminum and to start the work of facilitating negotiations with like-minded countries to reduce steel and aluminum overcapacity and carbon intensity. The agreement also reopens the door for U.S. agriculture exports impacted by retaliatory tariffs. But the ag equipment sector remains challenged.
The agreement with the European Union modifies 232 steel and aluminum measures to allow the resumption of duty-free imports of European steel and aluminum into the U.S. in line with historical trade flows. It establishes tariff rate quotas to limit oversupplying above levels before the 2018 tariffs went into effect. Read More.