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Us cancels EU steel and aluminum tax

On October 30, the United States announced that it would cancel some tariffs on EU steel and aluminum. Under this agreement, the EU exports 3.3 million tons of steel to the United States without tariff every year, and can also apply for an increase of 1 million tons of duty-free quota every year.

The elimination of EU steel and aluminum tariffs by the United States will help alleviate the problem of local high inflation. It is reported that steel prices in the United States have soared by 300% - 400% in the past year. Importing more steel from the EU is expected to successfully solve some supply chain bottlenecks in U.S. automobile, washing machine and other related manufacturing industries, so as to stabilize soaring prices.

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