The US authorities and the European Union wanted to reconcile in the trade war, which began during the presidency of Donald Trump, writes CNBC. They will hold negotiations on the abolition of the first portion of mutual duties to import goods.
The first European product, the tariffs for the importation of which in the United States can be canceled, steel has become. Washington and Brussels have already stated that they are going to resolve the issue until the end of this year.
If this happens, the United States will cancel 25 percent duties on European steel and 10 percent – on aluminum from the EU. They were introduced in 2018, the European Union appealed to the World Trade Organization (WTO) and received the right to introduce increased tariffs for American goods with a total annual volume of 6.4 billion euros.
Restrictions then American Bourbon, peanut butter and orange juice were hit. At the same time, export duties on the import of goods only in the amount of 2.8 billion euros per year. Another 3.6 billion can be activated in June 2021.
It is assumed that if the parties succeed in to come to the negotiation agreement, mutual restrictions can be abolished in full.