EU AND US WILL FORM METALS ALLIANCE TO COUNTERBALANCE CHINESE CAPACITY

The European Union and United States will develop a metals alliance to mitigate the impact of subsidised Chinese production on global markets as part of their trade deal, European Trade Commissioner Maros Sefcovic said on Monday.

Sefcovic said that, in their hours of discussions to reach an agreement, U.S. officials came to realise the U.S. and EU steel sectors faced the same problem. As such, EU steel and aluminium makers will be granted a quota system with minimal or zero tariffs to replace U.S. President Donald Trump's 50% import tariffs. The system is yet to be finalised.

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