The European Union will suspend trade duties on a range of goods from the United States until the end of March 2025.
This was stated in a press release published on the official website of the community, the Report reports.
The EU will suspend duties on motorbikes, clothing and strong alcohol for 15 months. The US, on the other hand, will waive the 25% duty on steel and 10% duty on aluminium levied by then-President Donald Trump in 2018.
Tthe EU and the US are working to sign a temporary agreement on steel and aluminium trade in order to prevent an increase in tariffs in transatlantic trade. These temporary agreements address greenhouse gas emissions in the steel and aluminium sectors as well as excess steel production capacity. The agreement also envisages the introduction of new steel tariffs to counter non-market practices by countries such as China, which Western countries accuse of dumping.
