EU Extends Tariff Truce on US Steel & Aluminum: Trade War Averted (For Now)

The European Union has once again extended the suspension of its retaliatory tariffs on US steel and aluminum, offering a temporary reprieve in the ongoing trade dispute between the two economic giants. This decision, announced by European Commission President Ursula von der Leyen, pushes the deadline back to early August.

Breathing Room for Trade Talks

This extension provides valuable time for negotiators to work towards a more permanent solution. The looming threat of broader 30% duties from the US adds urgency to the discussions. The current suspension allows both sides to continue negotiations without the pressure of escalating tariffs.

What’s at Stake?

The tariffs, originally imposed by the US, sparked concerns of a full-blown trade war, potentially impacting businesses and consumers on both sides of the Atlantic. The EU’s retaliatory tariffs, now temporarily suspended, targeted iconic American products like Harley-Davidson motorcycles and bourbon whiskey.