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

U.S. President Joe Biden delivers remarks as European Commission’s President Ursula von der Leyen looks on during a joint statement about steel and aluminium tariffs, on the sidelines of the G20 leaders’ summit in Rome, Italy October 31, 2021. REUTERS/Kevin Lamarque

U.S. President Joe Biden delivers remarks as European Commission’s President Ursula von der Leyen looks on during a joint statement about steel and aluminium tariffs, on the sidelines of the G20 leaders’ summit in Rome, Italy October 31, 2021. REUTERS/Kevin LamarqueOct 31 (Reuters) – 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 WilliamsOur Standards: The Thomson Reuters Trust Principles.