The European Union is studying the possibility of extending the temporary truce with the United States regarding steel and aluminum trade, a possibility that will help circumvent the stalled negotiations and avoid the re-imposition of customs tariffs on transatlantic exports worth $10 billion.
Since the imposition of tariffs will resume automatically at the end of this year, the extension process will provide more time to reach a permanent settlement before the US presidential elections in 2024, according to people familiar with what is going on within the unified bloc.
The talks on the so-called “Global Arrangement on Sustainable Steel and Aluminum” aim to settle the conflict that erupted since the rule of former US President Donald Trump, when the United States of America imposed customs duties on imports of European metals, indicating the presence of Risks to national security, to which the European Union responded with punitive measures.
The two parties have reached a temporary truce during 2021, ending at the end of this year.
Tariffs are less stringent given the burden they place on European companies.